Hedera and Saudi Ministry of Investment Join Forces to Boost Web3 and Deep Tech Innovation

Hedera, a leading Proof of Stake blockchain platform, has announced a landmark partnership with the Saudi Ministry of Investment (MISA) to accelerate the development and adoption of Web3 and deep tech solutions in the region. The collaboration, which is valued at $250 million, was revealed during the Saudi-Swiss Roundtable Meeting in Riyadh.

What is Web3 and Deep Tech?

Web3 is a term that refers to the next generation of the internet, where decentralized applications (dApps) run on peer-to-peer networks, without intermediaries or centralized servers. Web3 aims to create a more open, transparent, and fair web, where users have more control over their data, identity, and digital assets.

Deep tech is a term that refers to technologies that are based on scientific discoveries or engineering innovations, and have the potential to create significant social or economic impact. Examples of deep tech include artificial intelligence (AI), blockchain, robotics, the Internet of Things (IoT), virtual reality (VR), and quantum computing.

How Will Hedera and MISA Work Together?

As part of the five-year agreement, the Hashgraph Association, a Switzerland-based non-profit organization that supports the development of Hedera Hashgraph technology, has launched the DeepTech Venture Studio. This initiative aims to support local Saudi and international companies in creating innovative technological solutions using Web3 and deep tech.

The DeepTech Venture Studio will provide companies with access to Hedera’s blockchain platform, which offers high performance, low fees, security, and governance. Hedera’s platform is powered by the Hedera Consensus Service, which allows any application to use the network’s fast and fair consensus mechanism.

The DeepTech Venture Studio will also provide companies with mentorship, funding, and networking opportunities, as well as access to a global community of experts, developers, and investors. The goal is to foster innovation and entrepreneurship in the region, and to enhance the competitive advantage of Saudi companies in the global market.

What are the Benefits and Opportunities of this Partnership?

This partnership is expected to bring significant benefits and opportunities for both Hedera and MISA, as well as for the region and the world.

For Hedera, this partnership will expand its ecosystem and network, and increase the adoption and usage of its platform and token, HBAR. Hedera will also gain exposure and recognition in the Middle East, which is a strategic and fast-growing market for blockchain and digital assets.

For MISA, this partnership will advance its vision and mission of transforming Saudi Arabia into a global hub for innovation and investment. MISA will also leverage Hedera’s technology and expertise to enhance its digital infrastructure and services, and to support its key sectors and initiatives, such as Vision 2030, the National Transformation Program, and the Saudi Green Initiative.

For the region and the world, this partnership will contribute to the development and adoption of Web3 and deep tech solutions, which have the potential to create positive social and economic impact. These solutions can address some of the most pressing challenges and opportunities in various domains, such as healthcare, education, energy, finance, and governance.

What are the Reactions and Expectations of this Partnership?

This partnership has received positive reactions and expectations from both parties and the industry.

Hedera’s co-founder and CEO, Mance Harmon, expressed his excitement and optimism about this partnership, saying:

“We are thrilled to partner with MISA to launch the DeepTech Venture Studio and to support the development of Web3 and deep tech solutions in the region. This partnership is a testament to the value and potential of Hedera’s technology and network, and to the vision and leadership of MISA. We look forward to working together to create a more decentralized, secure, and fair web for everyone.”

MISA’s Governor, His Excellency Khalid Al-Falih, also shared his enthusiasm and confidence about this partnership, saying:

“We are delighted to partner with Hedera to launch the DeepTech Venture Studio and to accelerate the development and adoption of Web3 and deep tech solutions in the region. This partnership is aligned with our strategy and objectives of attracting and supporting innovative and impactful technologies and companies, and of transforming Saudi Arabia into a global hub for innovation and investment. We are confident that this partnership will create significant value and opportunities for both parties and for the region.”

The industry and the market have also responded positively to this partnership, as evidenced by the surge in HBAR’s price and volume, which increased by 5% and 400%, respectively, in the past 24 hours. This indicates the heightened investor interest and confidence in the partnership’s potential and impact.