February 12, 2024

Hedera Seals $250 Million Deal with Saudi Ministry of Investment to Drive Web3 and Deep Tech Advancements

The collaboration is poised to accelerate the integration of cutting-edge technologies within Saudi Arabia's burgeoning fintech landscape.

In a groundbreaking move, Hedera has inked a transformative five-year, $250 million partnership agreement with the Saudi Ministry of Investment, signaling a concerted effort to catalyze Web3 and deep tech development within the kingdom. The announcement rippled on X recently, with the formal declaration unfolding amid the prestigious Saudi-Swiss roundtable meeting in Riyadh.

Central to this strategic pact is the establishment of the DeepTech Venture Studio by the Hashgraph Association, a non-profit entity headquartered in Switzerland dedicated to advancing Hedera Hashgraph technology. This pioneering initiative is tailor-made to nurture both local Saudi enterprises and international firms, providing them with the essential support needed to cultivate groundbreaking technological solutions.

According to insights from Saudi media outlet Leaders, the overarching goal of this partnership is to embolden companies to forge ahead with inventive solutions across diverse sectors. Leveraging a suite of cutting-edge technologies encompassing artificial intelligence, blockchain, robotics, the Internet of Things, virtual reality, and quantum computing, the DeepTech Venture Studio is poised to drive a wave of innovation, thereby fortifying the competitive standing of Saudi enterprises on the global stage.

The momentum within Hedera's ecosystem has been palpable in recent months. Just last month, a consortium comprising key players from both the Hedera and Algorand ecosystems, including the HBAR Foundation, the Hashgraph Association, and the Algorand Foundation, unveiled the DeRec Alliance. This collaborative initiative is aimed at architecting a decentralized recovery protocol for digital assets, underscoring a shared commitment to pioneering solutions at the frontier of technology.

Moreover, the Hedera Global Governing Council has pledged over $400 million in HBAR tokens to propel network development and foster decentralized governance. This significant investment underscores a steadfast dedication to fortifying the infrastructure and governance mechanisms essential for the sustained growth and resilience of the Hedera network.

In addition, Hedera has cemented a pivotal partnership with fintech titan Hitachi US, poised to leverage Hedera's blockchain technology to bolster and energize Hitachi's expansive ecosystem, promising a potent fusion of innovation and infrastructure.

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