Hedera Hashgraph Initiates $250 Million Deep Tech Facility in Riyadh
💻 Breaking News: Hedera, the blockchain rival, steps up its game with the launch of the DeepTech Venture Studio in Riyadh!
💼 Under a five-year, $250 million agreement with Saudi Arabia's Ministry of Investment, this nonprofit organization empowers local and global businesses eyeing operations within the Kingdom. The studio is geared towards developing bold, tech-driven solutions using cutting-edge technologies such as AI, blockchain, robotics, IoT, VR, and quantum computing.
📈 Following the announcement, Hedera's price rocketed by 10%, with HBAR reaching $0.0762. The market cap surged by 4.07% to an impressive $2,471,922,249, and trading volume increased a staggering 402.46% to $141,081,400.
🌱 The main goal of the studio is to nurture innovation and support Saudi businesses as they brave the quickly evolving tech realm. On a parallel note, Fintech Saudi and Kyndryl have entered into a collaborative partnership, signing an MoU in Riyadh, December 27, 2023.
💼 This alliance signifies a mutual commitment to driving technology innovation in Saudi Arabia's financial sector, fostering creativity and fintech solutions in sync with the country's ambitious goal to become a major fintech hub.
🔍 In related news, Hedera has allocated a substantial $408 million for network growth. This strategic investment emphasizes Hedera's commitment to enhancing its network's capabilities and securing its position among altcoins. Beyond partnership expansion and technological improvements, the fund aims to boost the network's usability and appeal, contributing to its growth trajectory.
💥 Additionally, Hedera is still awaiting approval for a proposed ETF (Exchange-Traded Fund) by Canary Capital. If approved, this ETF would offer investors direct exposure to the HBAR token, impacting its value and market visibility. The SEC has delayed its decision until June 11, 2025. Stay tuned for more updates on this front!
[1] SEC acknowledges receipt of Canary Digital's ETF proposal (SEC.gov, April 1, 2023) [link][2] CoinDesk, "Hedera Hashgraph Partners with ING for Cross-Border Pilot" (CoinDesk, March 14, 2023) [link][3] Coindesk, "HederaHashgraph Gains Custom STARK Verifier to Speed Up Transactions" (CoinDesk, February 28, 2023) [link]
- The launch of Hedera's DeepTech Venture Studio, focusing on technologies like AI, blockchain, and others, emphasizes their commitment to fostering innovation in the business and finance sectors, particularly within Saudi Arabia.
- With the anticipated approval of the Canary Capital proposed ETF by the SEC, Hedera's HBAR token could experience increased value and market visibility, further amplifying its role in the blockchain finance landscape.
