cryptonews.net
Hedera, a decentralized open-source public network, announced a multi-year strategic partnership with the government of Saudi Arabia. According to an announcement on social media X, the blockchain has entered into a major alliance with the Saudi Ministry of Investment. The five-year agreement is worth $250 million. In addition to the collaboration between Hedera Fund and Saudi Arabia, Hedera Hashgraph also announced the launch of DeepTech Venture Studio.
The studio is part of a five-year plan and will be established in the Saudi’s capital city Riyadh. The DeepTech studio’s focus is thus closely tied to Saudi Arabia’s goal of gaining popularity among international companies as it works to diversify its oil revenues. The new focus will be on areas such as artificial intelligence (AI) and quantum computing. It is the DeepTech studio that will play a decisive role in the development of innovative solutions.
A large allocation of approximately 5 billion HBAR, Hedera’s native cryptocurrency Hashgraph, was allocated by the Hedera Council to develop the ecosystem and promote decentralized governance. A significant portion of the fund was allocated to existing initiatives, including the HBAR Foundation, Hashgraph Association and DLT Science Foundation. In the middle of January, the developers of Hedera Hashgraph announced a partnership with Hitachi. It joins a number of other companies, including Google, IBM, ServiceNow and LG, in the Hedera Council.
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