Saudi Ministry of Investment and Hedera Forge $250M Deal to Propel Web3 Technologies Feb 7, 2024 Feb 7, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsFebruary 7, 2024 by Kelly Cromley

Saudi Ministry of Investment and Hedera Forge $250M Deal to Propel Web3 Technologies

The Saudi Ministry of Investment (MISA) and Hedera, a prominent Proof of Stake (POS) blockchain platform, have inked a five-year collaboration valued at $250 million to propel the advancement of web3 technologies in the region. This historic partnership signifies a pivotal step in Saudi Arabia’s efforts to rejuvenate its investment climate and usher in a new era of technical growth.


“Saudi-Swiss Roundtable Meeting Unveils Ambitious Technological Vision”


The announcement was made during the Saudi-Swiss Roundtable Meeting, outlining intentions to offer cutting-edge solutions encompassing deep technologies such as blockchain, artificial intelligence, and other areas. The collaboration aims to position Saudi Arabia as a global hub for innovation and technological prowess, marking a significant milestone in the nation’s strategic vision.


“Hashgraph Association Launches DeepTech Venture Studio to Empower Saudi Companies”


In parallel with this initiative, the Hashgraph Association has inaugurated the DeepTech Venture Studio, a dedicated platform designed to empower Saudi companies to leverage technological innovations. This move aligns seamlessly with the kingdom’s ambitious vision to become a global epicenter for innovation and technological advancement.


“Market Responds Positively with Surge in HBAR Token Price and Trading Volume”


The market has responded enthusiastically to this game-changing collaboration, leading to a remarkable 5% price increase in Hedera’s native token, HBAR, after the announcement. Investor confidence in the partnership’s potential is evident in the astounding 400% surge in HBAR’s trading volume over the last day, as per CoinMarketCap statistics.


“Saudi Arabia’s Increasing Commitment to Web3 and Blockchain Initiatives”


Over the past year, Saudi Arabia has demonstrated a growing commitment to realizing its global vision, marked by substantial investments in web3 and blockchain initiatives. Noteworthy examples include the monarchy’s $50 million investment in Animoca Brands in November, aimed at funding web3 gaming and metaverse technologies. Additionally, the central bank has actively explored blockchain use cases for the past two years, showcasing the nation’s steadfast dedication to promoting innovation and technological growth.


The collaboration between the Saudi Ministry of Investment and Hedera reflects a significant stride towards establishing Saudi Arabia as a powerhouse in the global technological landscape, with the potential to drive transformative changes in the realm of web3 technologies.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.