Hedera Launches $250M Web3 Fund in Saudi Arabia

Hedera Hashgraph also launched DeepTech Venture Studio in Riyadh as part of their engagement with the Saudi government.

In a X post, it was announced of the establishment of a fundamental partnership between the Proof-of-Stake blockchain and the Saudi Ministry of Investment. It is estimated that the arrangement will be worth $250 million over the next five years.

Additionally, Hedera Hashgraph announced the creation of DeepTech Venture Studio which was in addition to the engagement between the Hedera Fund and Saudi governments.

During the #SaudiSwissRoundtableMeeting, MISA and the Hashgraph Association signed a memorandum of understanding (MoU) to foster innovative investment prospects in the Kingdom of Saudi Arabia (KSA) by partnering with one another on a local and global level to promote the ecosystem of entrepreneurship, as mentioned in the X post.

Particularly noteworthy is the fact that this studio will be created in Riyadh, the capital city of Saudi Arabia, as part of the five-year plan. The primary objective of the DeepTech Studio is to directly connect with foreign firms and help Saudi Arabia gain momentum in diversifying its income from oil.

Due to the shift away from oil, the DeepTech Studio will place a new emphasis on businesses such as artificial intelligence (AI) and quantum computing. In addition to the debut, the protocol has reached several other significant milestones.

In addition to securing significant collaboration partnerships, Hedera Hashgraph is now experiencing remarkable growth. The Hedera Council made a significant allocation of around 5 billion HBAR, the native cryptocurrency of Hedera Hashgraph to increase ecosystem development and advance decentralized government.

Existing organizations, such as the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation, received a sizeable percentage of the allocated funds.

The Hedera development team had a similar conversation concerning the incorporation of Hitachi United States in connection with the possibility of their inclusion in the governing council a little less than four weeks ago.

Hitachi became the newest member of the Hedera Council as a result of the accession of the company, which was one of the largest even for the Hedera Fund ecosystem when considering the size of the partner companies.

As the two companies continue to promote innovation within the sector, acquiring Hitachi U.S. represents a significant step forward in Web 3.0. This move is anticipated to strengthen the actual implementation of technology related to Web 3.0.