Hedera announced that he made a 250 million dollar agreement with the Saudi Ministry of Investment

Hadera announced a five-year, $250 million deal for blockchain and Web3 initiatives in Saudi Arabia. After the original development, the value of HBAR increased by more than 5%.

Hedera has secured a $250 million investment deal from the Saudi Arabian government, the blockchain platform shared today.

The agreement is part of a five-year agreement The Hashgraph Association, a Swiss-based non-profit organization Hedera signed with the Saudi Ministry of Investment to develop the blockchain, Hedera posted on X.

As part of a $250m five-year deal with the Saudi Ministry of Investment ( @MISA ), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – enabling companies to develop innovative technology solutions. # web 3

— Hedera (@hedera) February 6, 2024

Hedera launched DeepTech Venture Studio

According to the announcement, the HashGraph Association has launched the DeepTech Venture Studio, which is aimed at local Saudis as well as encouraging companies in the technology space.

Specifically, the project looks at promoting adoption in blockchain, artificial intelligence, robotics and the Internet of Things (IoT). It is also aimed at virtual reality and quantum computing.

Hashgraf and the Saudi Ministry of Investment officially signed the studio agreement at the Saudi-Swiss round table meeting in Riyadh.

The major deal in Saudi adds to Hashgraph's recent initiatives aimed at further developing the Hedera network. These include a partnership with Algorand, which introduced the decentralized recovery (DeRec) protocol.

DeRec, announced earlier this year, is an initiative that seeks to strengthen digital asset security and recovery efforts. The program also includes the HBAR Foundation and the Algorand Foundation.

Today's news is that the price of Hedera's native token HBAR rose more than 5% to $0.076.