Hedera’s Incredible Partnership: Securing A Staggering $250 Million Contract With Saudi Arabia
A 5-year partnership aims to develop diverse technology solutions such as AI, Blockchain, for companies in Saudi Arabia.
On the evening of 06/02/2024, the Hashgraph Association, an independent nonprofit organization dedicated to advancing awareness and adoption of the Hedera Hashgraph (HBAR) blockchain for enterprises, signed a 5-year partnership worth $250 million USD with the Ministry of Investment of Saudi Arabia (MISA).
Through the agreement, the Hashgraph Association will establish and launch the DeepTech Venture Studio to develop various technology solutions such as AI, Blockchain, Internet of Things (IoT), Virtual Reality (VR), for companies in Saudi Arabia in the coming years.
With the new contract, this alliance is confident in achieving innovative strategies, opening up diverse development paths to make Saudi Arabia a leading fintech hub, attracting the interest of international companies.
Saudi Arabia, the largest country in the Western Asia region, holds 45% of the $1.8 billion gaming market in the Middle East – North Africa region. With a population keen on technology, it has all the elements for Web3 to thrive.
Prior to Hedera, leading investment fund on Cardano, Adaverse, also decided to expand its Web3 investment portfolio in Saudi Arabia. The Saudi government has established the NEOM Investment Fund to focus on funding Web3 startup projects aimed at development in NEOM – the futuristic smart city worth $500 billion under the “Saudi Vision 2030” plan.
The Hedera Hashgraph (HBAR) project is a public distributed ledger for building and deploying decentralized applications and microservices. It operates as a Proof-of-Stake (PoS) blockchain similar to Algorand, Cardano, and Polkadot.
Since Dropp – the micro-payment platform on Hedera – was selected by the U.S. Federal Reserve’s instant payment system FedNow as a payment solution and tech giant Dell confirmed running nodes on the network, the Hedera ecosystem has shown “rather sluggish” growth over the past year, nearly losing investor attention.
The latest news is expected to boost community interest in Hedera. The HBAR token also saw a “rise” of over 10% in the latest 24 hours, however, the cryptocurrency representing the network has declined in value by over 80% in the past year.
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