Hedera, a public distributed ledger network, has partnered with the Saudi Ministry of Investment in a five-year deal worth $250 million.
DeepTech Venture Studio: Nurturing Innovation in Saudi Arabia
As part of the partnership, Hashgraph, the company behind Hedera, has launched the DeepTech Venture Studio in Riyadh. This studio will support local Saudi companies and international enterprises interested in operating in the Kingdom. The studio will focus on emerging technologies such as AI, blockchain, robotics, IoT, virtual reality, and quantum computing.
A Boost for Saudi Arabia’s Digital Economy
The partnership aims to boost innovation and propel the growth of the digital economy in Saudi Arabia. The DeepTech Venture Studio will provide access to emerging technologies, catalyze technological advancements, and drive economic growth.
HBAR Surges on Partnership News
Following the announcement, Hedera’s native cryptocurrency, HBAR, rebounded from a recent correction. HBAR has exhibited a surge of over 8% in the past 24 hours, currently trading at $0.0742.
The Future of the Partnership
The impact of this partnership on HBAR’s price trend and its sustainability as a bullish catalyst for the token in the long run remains to be seen. It will be interesting to observe the network’s ability to secure other valuable partnerships that can further enhance its solutions, protocol, and overall ecosystem.