Hedera and the Saudi authorities will support tech startups for $250 million
Hedera-affiliated organization The Hashgraph Association and the Saudi Arabian Ministry of Investment signed a memorandum worth $250 million.
As part of it, a DeepTech venture studio will be created to support local and foreign startups interested in working in the Kingdom.
The structure will focus on developing innovative solutions in the field of AI, blockchain, robotics, Internet of things, VR and quantum computing.
The studio will stimulate innovation and economic growth in Saudi Arabia by offering access to the mentioned technologies.
Amid the announcement, the rate of HBAR, Hedera’s own cryptocurrency, jumped 11.8% in half an hour to $0.7776. At the time of writing, the daily growth rate had dropped to 4.6%, according to CoinGecko.
Let us recall that in December, the HBAR Foundation and the licensed British exchange Archax agreed to expand support for HBAR staking.
In July 2023, South Korea's Shinhan Bank successfully completed a proof of concept for using stablecoins for international money transfers. The basis for the experiments was the Hedera Hashgraph network.
