Hedera Partners with Saudi Ministry of Investment for Web3 and Deep Tech Development
Hedera, a leading Proof of Stake (POS) blockchain platform, has entered into a transformative five-year partnership with the Saudi Ministry of Investment (MISA) to accelerate the development of Web3 technologies in the region.
The collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, marking a significant step in Saudi Arabia’s efforts to strengthen its investment landscape. The initiative aims to introduce cutting-edge solutions in sectors such as artificial intelligence (AI), blockchain, and other deep technologies.
Hedera Launches DeepTech Venture Studio
As part of this strategic agreement, the Hashgraph Association has launched the DeepTech Venture Studio. This initiative will support local and international companies in creating innovative technological solutions.
“As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio β empowering companies to develop innovative technological solutions.” – Hedera
The partnership aims to empower companies to develop cutting-edge solutions across various sectors, leveraging advanced technologies such as AI, blockchain, robotics, IoT, virtual reality, and quantum computing. The DeepTech Venture Studio will drive innovation and enhance the competitive advantage of Saudi companies in the global market.
In response to this announcement, Hedera’s native token, HBAR, experienced a 5% price surge, reflecting positive market reception. CoinMarketCap data shows a significant increase in HBAR’s trading volume in the past 24 hours, indicating heightened investor interest and confidence in the partnership’s potential.
Hedera’s Ecosystem Thrives with Key Partnerships and Token Allocation
Hedera’s ecosystem has witnessed substantial growth recently. The integration of Hitachi U.S. into the ecosystem, potentially for inclusion in the governance council, signifies a significant leap in Web3 innovation.
In addition, the Hedera Council allocated around 5 billion tokens to foster ecosystem development and advance decentralized governance. A substantial portion of the allocation was directed towards existing initiatives such as the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation, further solidifying Hedera’s commitment to ecosystem development.
Last month, Hedera and Algorand ecosystems, along with key industry players, established the DeRec Alliance dedicated to developing a decentralized recovery protocol for digital assets.
Saudi Arabia has demonstrated its commitment to fostering Web3 and blockchain projects through various endeavors. For instance, the Kingdom invested $50 million in Animoca Brands to support web3 gaming and metaverse projects. Additionally, Fintech Saudi Arabia signed a partnership deal with Kyndryl to advance technological adoption among fintech entrepreneurs and startups in the region.
Hot Take: Hedera’s Partnership with Saudi Ministry of Investment Boosts Web3 Development
Hedera’s collaboration with the Saudi Ministry of Investment represents a significant milestone in advancing Web3 technologies in Saudi Arabia. The partnership, valued at $250 million, aims to introduce cutting-edge solutions across sectors such as AI and blockchain. The launch of the DeepTech Venture Studio further supports local and international companies in developing innovative technological solutions. This strategic collaboration has resulted in a surge in HBAR’s price and trading volume, indicating positive market sentiment. With key partnerships and token allocation, Hedera’s ecosystem continues to thrive and drive Web3 innovation. Saudi Arabia’s proactive approach towards embracing emerging technologies is evident through its investments in various blockchain projects.
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