Hedera Partners with Saudi Ministry of Investment in $250 Million Deal
Hedera, the open-source public distributed ledger network, has entered into a five-year partnership agreement worth $250 million with the Saudi Ministry of Investment. As part of this collaboration, Hashgraph, the company behind Hedera, will establish the DeepTech Venture Studio in Riyadh. The studio will serve as a platform for local Saudi companies and international enterprises interested in operating in the Kingdom.
The DeepTech Venture Studio will focus on nurturing and developing solutions powered by emerging technologies such as AI, blockchain, robotics, IoT, virtual reality, and quantum computing. It aims to drive economic growth, foster innovation, and catalyze technological advancements in Saudi Arabia.
Partnership Announcement during Saudi-Swiss Roundtable Meeting
The partnership between Hedera and the Saudi Ministry of Investment was officially announced during the Saudi-Swiss roundtable meeting in Riyadh. This collaboration aims to leverage the expertise of Hedera, Hashgraph, and the ministry to boost innovation and grow the digital economy in Saudi Arabia.
The formation of the DeepTech Venture Studio and the five-year partnership aligns with Saudi Arabia’s vision of diversifying its economy and transitioning towards a knowledge-based society. It provides a supportive ecosystem for local startups and attracts international companies to nurture entrepreneurship and foster collaboration with emerging technologies.
HBAR Cryptocurrency Rebounds After Correction
Following the announcement, Hedera’s native cryptocurrency HBAR experienced a significant correction after reaching a 20-month high on January 2. However, with the recent partnership news, HBAR has shown an upward surge of over 8% in the past 24 hours alone. It is currently trading at $0.0742, positioning it favorably to regain lost ground and surpass previous levels.
The long-term impact of this partnership on HBAR’s price trend and its sustainability as a bullish catalyst remains to be seen. Additionally, the network’s ability to secure other valuable partnerships that enhance its solutions, protocol, and ecosystem will be of interest.
Hot Take: Hedera’s Partnership with Saudi Ministry of Investment Sets Stage for Technological Development
Hedera’s five-year partnership agreement with the Saudi Ministry of Investment and the establishment of the DeepTech Venture Studio in Riyadh marks a significant milestone for technological development in Saudi Arabia. By providing a platform for local and international companies interested in emerging technologies, this collaboration aims to drive innovation, economic growth, and diversify the Saudi economy.
The rebound of HBAR cryptocurrency following the partnership announcement also demonstrates market confidence in Hedera’s potential. As the network continues to secure valuable partnerships and enhance its ecosystem, it has the opportunity to establish itself as a leading player in the global digital economy.
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