Hedera and Saudi Ministry sign $250m agreement to accelerate web3 advancement.
Hedera, a prominent blockchain platform based on Proof of Stake (POS) technology, has formed a strategic partnership with the Saudi Ministry of Investment (MISA) for a period of five years. This collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, and it marks a significant milestone in Saudi Arabia’s efforts to boost its investment landscape. The primary goal of this initiative is to facilitate the development of cutting-edge web3 technologies in various sectors, such as artificial intelligence (AI), blockchain, and other advanced technologies.
In addition to this, the Hashgraph Association has launched the DeepTech Venture Studio, which is specifically focused on empowering technological advancements for Saudi companies. This venture aligns perfectly with Saudi Arabia’s vision of becoming a global innovation hub.
The announcement of this partnership has had a positive impact on Hedera’s native token, HBAR, which experienced a 5% surge in price. This increase reflects the market’s favorable response to the collaboration. According to CoinMarketCap, HBAR’s trading volume has skyrocketed by nearly 400% in the past 24 hours.
Saudi Arabia has been actively investing in web3 and blockchain projects to support its global vision. In November, the country invested $50 million in Animoca Brands to back web3 gaming and metaverse projects. Furthermore, the country’s central bank has been exploring various use cases for blockchain technology over the past two years.
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