Hedera Partners with Saudi Ministry of Investment to Develop Web3 Technologies
Hedera, a leading Proof of Stake (POS) blockchain platform, has formed a five-year partnership with the Saudi Ministry of Investment (MISA) to support the development of web3 technologies in the region. The collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, demonstrating Saudi Arabia’s commitment to enhancing its investment landscape. Through this initiative, advanced solutions in AI, blockchain, and other deep technologies will be introduced across various sectors.
DeepTech Venture Studio Launched by Hashgraph Association
In addition to the partnership with MISA, the Hashgraph Association has launched the DeepTech Venture Studio. This dedicated studio aims to empower technological advancements for Saudi companies and aligns with the kingdom’s vision of becoming a global hub for innovation.
HBAR Token Witnesses Price Surge
Following the announcement of the partnership, Hedera’s native token, HBAR, experienced a 5% increase in price. This surge reflects the positive reception from the market regarding this significant collaboration. CoinMarketCap reports that HBAR’s trading volume has also risen by almost 400% in the past 24 hours.
Saudi Arabia’s Investment in Web3 and Blockchain
In line with its global vision, Saudi Arabia has been investing in web3 and blockchain projects. Last year, they invested $50 million in Animoca Brands to support web3 gaming and metaverse projects. Additionally, their central bank has been exploring various blockchain use cases over the past two years.
Hot Take: Hedera’s Partnership Boosts Web3 Development in Saudi Arabia
Hedera’s collaboration with the Saudi Ministry of Investment marks a significant step towards advancing web3 technologies in Saudi Arabia. With a $250 million investment and the launch of the DeepTech Venture Studio, this partnership aims to empower Saudi companies and position the kingdom as a global innovation hub. The surge in HBAR token price reflects the market’s optimism about this collaboration. Saudi Arabia’s continued investment in web3 and blockchain demonstrates their commitment to embracing emerging technologies and fostering economic growth.
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