7 months ago
29 ARTICLE AD
The partnership is set to promote the adoption of advanced technologies among Saudi Arabia's fintech entrepreneurs and startups.
Hedera has secured a five-year, $250 million partnership agreement with the Saudi Ministry of Investment to foster Web3 and deep tech development within Saudi Arabia, according to Hedera’s tweet today. The official announcement of this collaboration took place during the Saudi-Swiss roundtable meeting in Riyadh.
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
As part of the strategic deal, Hashgraph Association, a Switzerland-based non-profit organization that supports the development of Hedera Hashgraph technology, has established DeepTech Venture Studio. This initiative aims to support local Saudi and international companies in developing innovative technological solutions.
Saudi media outlet Leaders reported that the partnership seeks to empower companies to develop innovative solutions across various sectors, utilizing advanced technologies such as artificial intelligence, blockchain, robotics, the Internet of Things, virtual reality, and quantum computing. DeepTech Venture Studio is designed to drive innovation and enhance the competitive edge of Saudi companies in the global marketplace.
Hedera’s ecosystem has seen significant growth in recent months. Last month, key industry players from the Hedera and Algorand ecosystems, including the HBAR Foundation, the Hashgraph Association, and the Algorand Foundation, announced the launch of the DeRec Alliance. This joint venture aims to build a ‘decentralized recovery’ protocol for digital assets.
Besides, Hedera has also forged a key partnership with fintech powerhouse Hitachi US. This collaboration is set to leverage Hedera’s blockchain technology to enhance and power Hitachi’s extensive ecosystem.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
