Saudi Ministry of Investment Teams Up with Hedera in $250M Tech Partnership
In the fast-evolving landscape of cryptocurrency partnerships, a recent development has emerged from Hedera, a leading corporate blockchain network.
Reports from account X indicate that Hedera has entered into a substantial five-year collaboration with the Saudi Ministry of Investment, valued at a staggering $250 million.
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
This strategic alliance aims to catalyze the development of technological solutions for businesses operating within the Saudi Arabian market.
As part of this groundbreaking agreement, the launch of the DeepTech Venture Studio has been announced, offering companies an avenue to explore and innovate in the realm of technology.
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The market responded positively to this news, with Hedera’s token, HBAR, witnessing a notable 11% increase in value.
In a separate yet significant development, the US Federal Reserve recently unveiled the FedNow payment system, enabling instant money transfers around the clock. Hedera Hashgraph’s Dropp payment platform has been selected as the designated service provider for this innovative initiative.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
