To promote Web3 adoption and education in Saudi Arabia, the Hedera protocol has established a $250 million fund for DeepTech.
The Saudi Arabian government and Hedera, an open-source Proof-of-Stake (PoS) public ledger, have announced a multi-year strategic partnership.Â
DeepTech Studio Acquires $250 Million Fund
As stated in the X announcement, the PoS blockchain has reportedly formed a fundamental alliance with the Saudi Ministry of Investment. The contractual pact, with a five-year duration, is valued at $250 million. Hedera Hashgraph, alongside the Hedera Fund-Saudi collaboration, declared the establishment of DeepTech Venture Studio. The X post elaborated:
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 elaborated.
Particularly noteworthy is that this studio will be established in Riyadh, the capital of Saudi Arabia, as part of a five-year plan. Therefore, the emphasis of the DeepTech Studio is intricately connected to Saudi Arabia’s objective of garnering attention from multinational corporations as it strives to reduce its reliance on crude revenue.
After the energy crisis, a new emphasis will be placed on sectors such as artificial intelligence (AI) and quantum computing. The DeepTech Studio will undoubtedly assume a pivotal role in the development of such groundbreaking solutions.Â
Hedera Ecosystem Bags Significant Growth Partnerships
The announcement of the launch coincides with additional significant developments for the protocol. Hedera Hashgraph is presently experiencing remarkable expansion alongside significant partnership agreements.Â
The Hedera Council allocated approximately 5 billion HBAR, the native cryptocurrency of Hedera Hashgraph, to promote the ecosystem’s growth and decentralized governance. Much of the capital was allocated to established organizations, such as the DLT Science Foundation, the HBAR Foundation, and the Hashgraph Association.
Less than four weeks ago, the Hedera development team had a similar discussion regarding the integration of Hitachi U.S. and its prospective inclusion in the governance council.Â
The inclusion of Hitachi, a collaborator of significant magnitude relative to the Hedera Fund ecosystem, elevated the former to the position of the newest member of the Hedera Council.
Obtaining Hitachi U.S. is a significant milestone in Web 3.0, as the two companies continue to be dedicated to fostering industry innovations. Implementing this action is anticipated to increase the utility of Web 3.0 technologies.Â
