- Hedera announced that it has signed a five-year, $250 million contract for blockchain and Web3 initiatives in Saudi Arabia.
- HBAR prices have risen more than 5% since the massive development.
Hedera has signed a $250 million investment deal from the Saudi Arabian government, according to details from the blockchain platform shared today.
The deal is part of a five-year agreement signed with the Saudi Ministry of Investment by the Hashgraph Association, a Swiss-based non-profit organization supporting the development of the Hedera blockchain, Hedera posted on X.
As part of a five-year contract worth $250 million with the Saudi Ministry of Investment (@mass), @The_Hashgraph The association announced the launch of the DeepTech Venture Studio, which will help companies develop innovative technology solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6
— Ivy (@ivy) February 6, 2024
Hedera launches DeepTech Venture Studio
According to an announcement, The Hashgraph Association has launched DeepTech Venture Studio, a venture aimed at strengthening the capabilities of local Saudi companies and companies in the technology sector.
Specifically, the project will drive adoption across blockchain, artificial intelligence, robotics, and the Internet of Things (IoT). It is also targeting virtual reality and quantum computing.
Hashgraph and the Saudi Ministry of Investment officially signed the agreement for the studio at a Saudi-Swiss roundtable held in Riyadh.
With a major deal closed in Saudi Arabia, Hashgraph has added to the latest initiative to facilitate further development of the Hedera network. This includes a partnership with Algorand, which introduced the DeRec (Decentralized Recovery) protocol.
Announced earlier this year, DeRec is an initiative to strengthen digital asset security and recovery efforts. The program also includes the HBAR Foundation and Algorand Foundation.
On today’s news, the price of Hedera’s native token HBAR surged more than 5% to over $0.076.