The rival to blockchains, Hedera, a hashgraph, has officially launched the DeepTech Venture Studio in Riyadh as part of a $250 million, five-year agreement with the Saudi Ministry of Investment.
Aimed at transforming Saudi tech, the nonprofit DeepTech Venture Studio empowers local and global businesses interested in operating in the Kingdom. Under this deal, the studio will develop innovative solutions leveraging technologies such as AI, Blockchain, robotics, IoT, VR, and quantum computing.
Post the development, Hedera’s price surged 10% in 24 hrs, HBAR at $0.0762. Market cap rose by 4.07% to $2,471,922,249, and trading volume spiked 402.46% to $141,081,400.
The studio’s goal is to foster innovation and support Saudi businesses in the rapidly advancing tech landscape. In a parallel move, Fintech Saudi and Kyndryl have joined forces, signing an MoU in Riyadh on December 27, 2023.
This collaboration signifies a commitment to advancing technology in Saudi Arabia’s financial sector, promoting innovation, and scaling fintech solutions in line with the country’s vision to become a leading fintech hub.
Also Read: Hedera Council Allocates $408M in HBAR for Network Growth
