Hedera, a public open source Proof of Stake (PoS) company, announced the announcement. About a multi-year strategic partnership with the government of the Kingdom of Saudi Arabia.
DeepTech Studio Receives New $250 Million Fund According to X's announcement, Blockchain PoS has entered into a core alliance with the Saudi Ministry of Investment. The value of the agreement, which is scheduled to last for five years, is $250 million. In addition to cooperation between Hedera Fund and Saudi Arabia. Hedera Hashgraph also announced the launch of its DeepTech Venture Studio.
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It is worth noting that this studio is part of the five-year plan and will be established in the Saudi capital, Riyadh. As such, DeepTech Studio's focus is closely linked to Saudi Arabia's goal of gaining traction among global companies as it works to diversify its oil income. And with the transition from oil. There will be a new focus on industries such as #الذكاء-الاصطناعي and quantum computing.
Specifically, DeepTech Studi will play a crucial role in developing these innovative solutions.
The Hedera ecosystem is gathering major partnerships for growth and the launch news comes amid other milestones for the protocol. Hedera Hashgraph is currently experiencing outstanding growth as well as significant partnership deals.
About 5 billion HBAR, Hedera Hashgraph's native cryptocurrency, has been allocated by the Hedera Council to develop the ecosystem and promote decentralized governance. Much of the funding was directed to existing initiatives. Including the HBAR Foundation, the Hashgraph Society, and the DLT Science Foundation.
Less than four weeks ago, the Hedera developer team similarly talked about Hitachi's US consolidation in regards to its potential inclusion on the board.
The addition of Hitachi, which was one of the largest companies even for the Hedera Fund ecosystem given the size of the partner. The former made the newest member of the Hedera Council. Acquiring Hitachi in the US marks a historic leap for Web3.0#Web3 as the duo remains committed to fostering innovations in the industry. This step aims to enhance the practical application of Web3.0 technologies.
