Hedera Partners with Saudi Ministry to Propel Web3 Innovations

The Saudi Ministry of Investment (MISA) and Hedera, a well-known Proof of Stake (POS) blockchain platform, have signed a five-year collaboration to support the advancement of web3 technologies in the area. This is a historic step.

This partnership, which is estimated to be worth $250 million, is a significant milestone in Saudi Arabia’s efforts to revive its investment climate. A new age of technical growth is being heralded by the statement made during the Saudi-Swiss Roundtable Meeting. The news includes intentions to provide state-of-the-art solutions encompassing deep technologies such as blockchain, artificial intelligence, and other areas.

Empowering Saudi Companies with the DeepTech Venture Studio

In tandem with this initiative, the Hashgraph Association has inaugurated the DeepTech Venture Studio, a dedicated platform aimed at empowering Saudi companies to harness technological innovations. This endeavor aligns seamlessly with the kingdom’s ambitious vision to emerge as a global epicenter for innovation and technological prowess.

The market reacted so enthusiastically to this game-changing partnership that Hedera’s native token, HBAR, saw an astounding 5% price increase after the announcement. Investor confidence in the partnership’s potential is evident in the remarkable 400% increase in HBAR’s trading volume over the last day, as reported by CoinMarketCap statistics.

Over the past year, Saudi Arabia has been more and more committed to implementing its global vision, as seen by its significant investments in web3 and blockchain initiatives. Among other noteworthy examples, in November the monarchy invested in Animoca Brands with $50 million to fund web3 gaming and metaverse technologies. More evidence of the nation’s steadfast commitment to promoting innovation and technological growth comes from the central bank, which has been actively investigating blockchain use cases for the previous two years.