Hedera Hashgraph, headquartered in Switzerland, has launched the DeepTech Venture Studio in Riyadh, Saudi Arabia, in collaboration with the Saudi Ministry of Investment.
This move highlights Saudi Arabia’s strategic shift from its heavy reliance on crude oil, showcasing its commitment to diversify its economy and embrace technological innovation.
The DeepTech Venture Studio is in place to become a focal point for technological innovation in Riyadh, the capital city of Saudi Arabia. Through this initiative, Hedera aims to enhance the growth of the technology sector in the region, leading to groundbreaking advancements across various industries.
With a remarkable investment of $250 million over five years, the DeepTech Venture Studio is geared towards accelerating the development of innovative technological solutions, particularly in the realm of Web3 technologies.
Hedera’s cryptocurrency, functioning on the Hashgraph technology, exemplifies its commitment to fostering innovation through non-profit initiatives supporting education and training programs, aimed at nurturing the next generation of tech entrepreneurs and startups in Saudi Arabia.
As a matter of fact, the Studio will provide resources, mentorship, and access to a network of experts, empowering innovators to transform their ideas into tangible technological solutions. These solutions will address real-world challenges spanning virtual reality, quantum computing, blockchain, robotics, Internet of Things, and artificial intelligence.
The MoU that was signed outlines the objectives aimed at facilitating local and global partnerships to enhance the entrepreneurship ecosystem within the Kingdom. By leveraging the collective expertise and resources of the public and private sectors, the initiative seeks to create collaborative opportunities that drive economic growth and job creation in Saudi Arabia.
It is worth noting that after this announcement, Hedera’s value shot up by 10% in just 24 hours, with its price reaching $0.0762. Its market cap also rose by 4.07% to $2,471,922,249, and trading volume surged by 402.46% to $141,081,400.