The Hashgraph Association and the Saudi Ministry of Investment have entered into a five-year partnership agreement valued at $250 million with the primary goal of creating innovative investment opportunities in Saudi Arabia by encouraging collaborations and partnerships both locally and globally.
The announcement was made during a Saudi-Swiss roundtable meeting in Riyadh, where representatives from both organizations, including high-ranking officials from the Ministry of Investment and the Hashgraph Association, signed a Memorandum of Understanding (MoU).
Hashgraph is a distributed ledger technology (DLT) known for its scalability, speed, and security. It offers benefits like low fees, immutable record-keeping, and decentralized identity maintenance. With its efficient transaction processing system, Hashgraph eliminates the need for mining nodes and relies on virtual voting for consensus. As a third-generation DLT, it competes with blockchain while maintaining decentralization.
The partnership between Hashgraph Association and DeepTech Venture Studio is aimed at empowering local Saudi companies and attracting international players interested in operating within the Kingdom. This non-profit initiative seeks to provide support and opportunities for growth in the tech industry.
The studio, aligned with the $250 million agreement, will focus on developing cutting-edge solutions in areas such as artificial intelligence, blockchain, robotics, Internet of Things (IoT), virtual reality, and quantum computing.
The DeepTech Venture Studio is set to play a pivotal role in advancing technological solutions for Saudi companies, contributing to the growth and development of the region. It is anticipated that this collaboration will strengthen the Kingdom’s position as a hub for innovation and technology in the coming years.
Saudi Arabia has been actively exploring and adopting blockchain technology in various sectors as part of its Vision 2030 initiative to diversify its economy and embrace emerging technologies.
The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, has been experimenting with blockchain technology for money transfers and has deployed blockchain for various initiatives, including the domestic wholesale of currency and the development of Fintech in the Kingdom.
The country’s adoption of blockchain technology in the public sector is seen as a significant development that supports its goal of becoming a digitized nation. In Saudi Arabia, noteworthy efforts have been directed towards substantial investments, as exemplified by the NEOM initiative. This initiative has suggested a substantial $50 million investment in Animoca Brands, a company involved in Web3 gaming and investment, in 2023.