Hedera signs major $250 million contract with Saudi Ministry of Investment

Five-year contract with Saudi Arabian Ministry of Investment

Hashgraph Association, which operates the decentralized network Hedera Hashgraph (HBAR), signed a five-year strategic partnership with the Saudi Arabian Ministry of Investment (MISA) on the 6th, with a total investment of $250 million (37 billion yen).

The Saudi Arabian Ministry of Investment is a government agency responsible for promoting and supporting investment in Saudi Arabia. This amount represents the total amount invested in projects and initiatives that will be developed during the term of the agreement, and will specifically be used to drive innovation in the Web3 and deep tech fields.

Through this partnership, Hashgraph Association has established a deep tech venture studio that aims to drive innovation specifically in the Web3 space.

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

The signing ceremony took place at a roundtable meeting between Saudi Arabia and Switzerland held in Riyadh on the 6th. Through the Memorandum of Understanding (MoU) signed by MISA and Hashgraph Association, the two companies aim to support the country’s entrepreneurial ecosystem and foster innovative investment opportunities through partnerships within and outside Saudi Arabia.

The newly established Deep Tech Venture Studio will focus on companies that help develop cutting-edge solutions in emerging technology areas such as artificial intelligence, blockchain, robotics, the Internet of Things, virtual reality, and quantum computing. , which aims to increase the competitiveness of Saudi companies in the global market.

According to data from CoinMarketCap, Hedera’s crypto asset (virtual currency) HBAR has increased in price by 4.79% from the previous day, and trading volume has surged by about 600% in the past 24 hours (at the time of writing).

Source: CoinMarketCap

The Saudi government is increasing its support for advanced industries such as Web3, Metaverse, and CBDC (Central Bank Digital Currency). Last April, sovereign wealth fund Sanabil Investments announced partnerships with around 40 US venture capital firms (VCs), including Andreessen Horowitz (A16z), Coatue Management, KKR, and Polychain Capital. These VCs are particularly investing in crypto assets and Web3 related areas.

Additionally, late last year, Animoca Brands, a major Web3 company, received a $50 million investment offer from Saudi Arabia’s smart city project NEOM.

connection:US Ripple to collaborate with Hedera project to explore collaboration in digital assets and payments

What is Hedera Hashgraph?

Hedera Hashgraph boasts a high throughput that can process 10,000 transactions per second, and at the same time is working on the development of distributed ledger technology (DLT) with an emphasis on fairness and security.

Through significant partnerships and token allocations, Hedera’s ecosystem is experiencing steady growth. In particular, in January of this year, Hitachi America joined the Hedera Council and expressed its intention to contribute to further innovation and decentralization of the Hedera network.

Hitachi America plans to begin proof of concept for supply chain and sustainability solutions on Hedera by 2025.

The Hedera Council is a consortium of global organizations and companies that will share an equal vote on the direction of Hedera’s software and services and will operate the initial network nodes.

connection:U.S. central bank’s instant payment system “FedNow” adds “Dropp” powered by Hedera to service providers

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