Just In: Hedera Floats $250M Web3 Venture Fund in Saudi Arabia
Highlights
- Hedera has deepened its foothold in Saudi Arabia
- The protocol has floated a Web3 focused Fund for DeepTech in Saudi Arabia
- Hedera has continued to ink major partnerships in recent times
Hedera, an open-source Proof-of-Stake (PoS) public ledger has announced a multi-year strategic partnership with the Saudi Arabia government.
DeepTech Studio Gets New $250M Fund
According to the X announcement, the PoS blockchain has entered into a core alliance with the Saudi Ministry of Investment. The agreement, which is designed to last for five years, is worth $250 million. In addition to the Hedera Fund-Saudi collaboration, Hedera Hashgraph also announced the launch of DeepTech Venture Studio.
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
“In the presence of Their Excellencies, MISA & Hashgraph association, have signed an MoU during the #SaudiSwissRoundtableMeeting, aiming to foster innovative investment opportunities in KSA through partnering locally and globally to support the entrepreneurship ecosystem,” the X post stated.
Notably, this Studio is part of the five years plan and will be established in Saudi’s capital city Riyadh. As such, the focus of the DeepTech Studio is closely linked with Saudi’s goal to gain traction amongst international companies as it works on diversifying its income from oil. With the shift from oil, there will be a new focus on industries like Artificial Intelligence (AI) and quantum computing.
Precisely, the DeepTech Studio will play a crucial part in developing these innovative solutions.
Hedera Ecosystem Bagging Major Partnerships for Growth
The news of the launch comes amidst other milestones for the protocol. Hedera Hashgraph is currently seeing outstanding growth in addition to hitting big partnership deals.
A major allocation of around 5 billion HBAR, Hedera Hashgraph’s native cryptocurrency was made by Hedera Council for the ecosystem’s development and the advancement of decentralized governance. A significant portion of the fund was directed to existing initiatives, including the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation.
Less than four weeks ago, the Hedera developer team similarly talked about the integration of Hitachi U.S. in relation to potential inclusion in the governance council.
The addition of Hitachi, which was one of largest even for the Hedera Fund ecosystem considering the size of the partner, made the former the newest member of Hedera Council. Receiving Hitachi U.S. is a landmark leap in Web3.0 as the duo remains committed to fostering innovations in the industry. The move is poised to boost the practical application of Web3.0 technologies.
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