Hedera, Saudi Ministry ink $250m deal to drive web3 development

Hedera, a leading Proof of Stake (POS) blockchain platform, has entered into a five-year partnership with the Saudi Ministry of Investment (MISA) to help companies develop web3 technologies in the region.

The collaboration, valued at $250 million, was announced during the Saudi-Swiss Roundtable Meeting, marking a milestone in KSA’s efforts to enhance its investment landscape. This initiative will introduce advanced solutions across various sectors, including AI, blockchain, and other deep technologies.

The Hashgraph Association has also launched the DeepTech Venture Studio, dedicated to empowering technological advancements for Saudi companies, aligning with the kingdom’s vision to become a global hub for innovation.

Following the announcement, Hedera’s native token, HBAR, witnessed a 5% surge in price, reflecting the market’s positive reception to this significant collaboration. HBAR’s trading volume has soared by nearly 400% in the past 24 hours, according to CoinMarketCap.

Since last year, Saudi Arabia has invested in web3 and blockchain projects to support the region’s global vision. In November, the Kingdom invested $50 million in Animoca Brands to support web3 gaming and metaverse projects.

The country’s central bank has also been exploring blockchain use cases for the past two years.