Strengthening Web3 Foundations
In a landmark move for the blockchain industry, Hedera has formed a strategic alliance with the Saudi Ministry of Investment. This five-year plan aims to bolster the development of web3 technologies within the kingdom, sparking a new era of digital innovation. With a hefty sum of $250 million backing this partnership, it’s a clear sign of the region’s commitment to becoming a leading force in the web3 realm.
A Meeting of Minds and Money
The partnership announcement, which came to light during the Saudi-Swiss Roundtable Meeting, is set to revolutionize the Saudi investment landscape. This collaboration is not just a monetary boost but a gateway to advanced technological solutions in AI, blockchain, and deep technologies, paving the way for Saudi Arabia’s vision of becoming a global innovation hub.
Venturing into DeepTech
The Hashgraph Association is not standing by idly. They’ve launched the DeepTech Venture Studio, a venture that will serve as a catalyst for tech advancements in Saudi companies. This venture studio is perfectly aligned with the kingdom’s grand vision, ensuring that the local tech ecosystem is empowered and elevated on the global stage.
Market Reactions and Future Prospects
Following this groundbreaking announcement, the Hedera network’s native cryptocurrency, HBAR, enjoyed a 5% increase in value, a testament to the market’s confidence in this initiative. CoinMarketCap reports a staggering 400% increase in trading volume for HBAR within a day, signaling investor excitement and the potential for substantial economic impact.
Saudi Arabia’s Continued Blockchain Endeavors
Saudi Arabia’s involvement with web3 and blockchain technology is not new. The Kingdom has been proactive in this space, with a notable $50 million investment in Animoca Brands last November to push forward web3 gaming and the metaverse. Additionally, the country’s central bank has been actively exploring blockchain for financial applications for the past two years, showcasing a long-term commitment to integrating these technologies into the fabric of Saudi economic strategy.
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