Hedera Hashgraph Establishes $250 Million Deep Technology Venture in Riyadh
Crushing the Blockchain Crown, Hedera's Hashgraph Makes a Big Splash in Riyadh
In a bold move to revolutionize tech in the Kingdom, Hedera, a pioneering hashgraph network, has officially launched the DeepTech Venture Studio in the heart of Riyadh. This strategic move is part of a whopping $250 million, five-year agreement with the Saudi Ministry of Investment.
This venture studio, a non-profit initiative, is designed to boost local and global businesses interested in the Saudi market. Under this alliance, the studio will develop cutting-edge solutions utilizing emerging technologies such as AI, Blockchain, robotics, IoT, VR, and quantum computing.
Following this exciting development, Hedera's value skyrocketed, with HBAR at $0.0762—a 10% surge within 24 hours. The market cap soared by 4.07% to an astounding $2,471,922,249, and trading volume spiked 402.46% to $141,081,400.
The DeepTech Venture Studio's primary focus is to promote innovation and support Saudi businesses in the rapidly evolving tech landscape. Simultaneously, Fintech Saudi and Kyndryl have joined forces, signing an MoU in Riyadh on December 27, 2023.
This collaboration symbolizes a commitment to technology advancement in Saudi Arabia's financial sector, encouraging innovation, and scaling fintech solutions in sync with the country's vision to lead as a prominent fintech hub.
As a sneak peek into Hedera's game plan, remember the headlines—Hedera Council Allocates $408M in HBAR for Network Growth.
While specifics about Hedera's DeepTech Venture Studio in Riyadh might be scarce, insights can be gleaned from the flourishing tech and fintech ecosystem in Saudi Arabia:
- Fintech Takeoff: Startups like Tamara (buy-now-pay-later) and Hakbah (social savings fintech) showcase strong fintech innovation, with Hakbah operating under SAMA's Regulatory Sandbox to test products[1].
- Web3 and Blockchain: Outlier Ventures' FutureSpark Base Camp, Saudi Arabia’s first deep-tech Web3 accelerator, signifies growing interest in blockchain and decentralized technologies[3]. Animoca Brands’ partnerships (e.g., with NEOM) further underline regional Web3 adoption[2].
- Infrastructure Backing: Entities like Fintech Saudi and regulatory sandboxes facilitate startup testing and scaling[1].
Aligned with initiatives like FutureSpark, Hedera's studio could:
- Fuel blockchain adoption: Hedera’s hashgraph technology may find application in sectors such as logistics (e.g., Rahat's pilgrimage tracking[1]) or fintech (e.g., faster, affordable transactions).
- Attract international investment: Similar to Animoca’s $7M investment in UAE-based Param Labs[2], a studio could draw global Web3 funding into Saudi startups.
- Nurture local talent: Accelerators like FutureSpark foster deep-tech talent, a focus that a Hedera studio could amplify through specialized training[3].
Saudi Arabia's broader tech trajectory hints that such a studio would align with the nation's goals to diversify from oil and establish itself as a regional innovation hub[1][3]. For precise details about Hedera’s studio, be on the lookout for direct sources or announcements from Hedera Hashgraph.
- In alignment with Saudi Arabia's ambition to become a regional innovation hub, Hedera's DeepTech Venture Studio, which focuses on promoting innovation and supporting local businesses, officially partners with the Saudi Ministry of Investment, committing $250 million over a five-year period.
- Part of this venture studio's mission is to develop solutions leveraging emerging technologies, including deeptech like Blockchain, AI, robotics, IoT, VR, and quantum computing, to boost local and global businesses interested in the Saudi market.
- The DeepTech Venture Studio's launch also coincides with Fintech Saudi and Kyndryl's partnership, symbolizing a commitment to technology advancement within the Kingdom's financial sector.
- The studio's emphasis on blockchain technology, coupled with infrastructure support provided by entities like Fintech Saudi, may lend itself to fostering blockchain adoption in sectors like logistics and fintech, attracting international investment, and nurturing local deep-tech talent in Saudi Arabia.
