Hedera Secures $250 Million Partnership with Saudi Ministry of Investment for Web3 and Deep Tech Development

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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February 6, 2024 16:40 EST

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Hedera, a leading Proof of Stake (POS) blockchain platform, has embarked on a transformative five-year partnership with the Saudi Ministry of Investment (MISA) to catalyze the development of Web3 technologies in the region.The collaboration, valued at $250 million, was unveiled during the Saudi-Swiss Roundtable Meeting, signifying a milestone in the Kingdom of Saudi Arabia’s efforts to bolster its investment landscape. This initiative aims to introduce cutting-edge solutions across various sectors, including artificial intelligence (AI), blockchain, and other deep technologies.

Hedera Launches DeepTech Venture Studio

As part of this strategic deal, the Hashgraph Association, a Switzerland-based non-profit organization supporting the development of Hedera Hashgraph technology, has launched the DeepTech Venture Studio. This initiative aims to assist local Saudi 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 – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6

— Hedera (@hedera) February 6, 2024

According to the X announcement, the partnership aims to empower companies to develop cutting-edge solutions across various sectors, leveraging advanced technologies such as artificial intelligence, blockchain, robotics, the Internet of Things, virtual reality, and quantum computing. The DeepTech Venture Studio is envisioned to drive innovation and bolster the competitive advantage of Saudi companies in the global market.

In response to this momentous announcement, Hedera’s native token, HBAR, experienced a notable 5% surge in price, reflecting the market’s positive reception of this strategic collaboration. CoinMarketCap data indicates a remarkable surge in HBAR’s trading volume by nearly 400% in the past 24 hours, highlighting heightened investor interest and confidence in the partnership’s potential.

Hedera’s Ecosystem Thrives with Key Partnerships and Token Allocation

Hedera’s ecosystem has experienced significant growth in recent months. Less than four weeks ago, the Hedera developer team announced the integration of Hitachi U.S. into the ecosystem, potentially for inclusion in the governance council. Hitachi U.S.’s addition to the council, one of the largest partnerships for the Hedera Fund ecosystem, signifies a landmark leap in Web3 innovation.Additionally, Hedera Hashgraph’s native cryptocurrency, HBAR, recently witnessed a major allocation of around 5 billion tokens by the Hedera Council. This allocation is dedicated to fostering ecosystem development and advancing 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.Furthermore, the Hedera and Algorand ecosystems and key industry players, such as the HBAR Foundation and the Algorand Foundation, announced the establishment of the DeRec Alliance last month. This joint venture is dedicated to developing a ‘decentralized recovery’ protocol for digital assets.Saudi Arabia’s commitment to fostering Web3 and blockchain projects has been evident in recent endeavors. Notably, in November, the Kingdom invested $50 million in Animoca Brands to bolster web3 gaming and metaverse projects, demonstrating a proactive approach towards embracing emerging technologies.Recently, Fintech Saudi Arabia signed a partnership deal with Kyndryl. According to the MoU signed by the parties in December, the partnership would advance technological adoption among fintech entrepreneurs and startups in the region.