Hashgraph, a competitor to traditional blockchains, announced the official launch of the DeepTech Venture Studio in Riyadh. This development is part of a substantial $250 million, five-year agreement forged with the Saudi Ministry of Investment.
Empowering Saudi Tech
The nonprofit DeepTech Venture Studio aims to empower both local and international businesses interested in establishing a presence in Saudi Arabia. It will focus on developing innovative solutions utilizing cutting-edge technologies including AI, Blockchain, robotics, IoT, VR, and quantum computing.
Market Response
Following this announcement, the price of Hedera’s native cryptocurrency, HBAR, experienced a significant surge of 10% within 24 hours, reaching $0.0762. Moreover, the market cap saw a notable increase of 4.07% to $2,471,922,249, while trading volume spiked by an impressive 402.46% to $141,081,400.
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 primary objective of the DeepTech Venture Studio is to foster innovation and provide support to Saudi businesses in navigating the rapidly evolving technological landscape. Additionally, this initiative aligns with the country’s vision to position itself as a global leader in the field of technology.
Collaborative Efforts
In parallel with this development, Fintech Saudi and Kyndryl have announced a strategic collaboration through a Memorandum of Understanding signed in Riyadh on December 27, 2023. This partnership underscores a joint commitment to advancing technology within Saudi Arabia’s financial sector, promoting innovation, and scaling fintech solutions in alignment with the nation’s aspirations to become a prominent fintech hub.
The launch of the DeepTech Venture Studio marks a significant step towards fostering technological innovation and driving economic growth in Saudi Arabia. With a focus on leveraging advanced technologies, this initiative is poised to accelerate the development of innovative solutions and contribute to the country’s overarching vision of technological advancement and leadership in the global arena.
