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In the fast-evolving landscape of cryptocurrency partnerships, a recent development has emerged from Hedera, a leading corporate blockchain network.
Reports from account X indicate that Hedera has entered into a substantial five-year collaboration with the Saudi Ministry of Investment, valued at a staggering $250 million.
As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6
— Hedera (@hedera) February 6, 2024
This strategic alliance aims to catalyze the development of technological solutions for businesses operating within the Saudi Arabian market.
As part of this groundbreaking agreement, the launch of the DeepTech Venture Studio has been announced, offering companies an avenue to explore and innovate in the realm of technology.
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The market responded positively to this news, with Hedera’s token, HBAR, witnessing a notable 11% increase in value.
In a separate yet significant development, the US Federal Reserve recently unveiled the FedNow payment system, enabling instant money transfers around the clock. Hedera Hashgraph’s Dropp payment platform has been selected as the designated service provider for this innovative initiative.