Hedera and Saudi Arabia to Support Tech Startups with $250 Million

The Hashgraph Association, affiliated with Hedera, and the Saudi Arabian Ministry of Investment have signed a memorandum worth $250 million.

Under this agreement, a DeepTech venture studio will be established to support local and international startups interested in operating in the Kingdom.

The initiative will focus on developing innovative solutions in AI, blockchain, robotics, the Internet of Things, VR, and quantum computing.

The studio aims to foster innovation and economic growth in Saudi Arabia by providing access to these technologies.

Following the announcement, the price of HBAR, Hedera’s native cryptocurrency, surged by 11.8% in half an hour, reaching $0.07776.

At the time of writing, the daily growth rate had decreased to 4.6%, according to CoinGecko.

Back in December, the HBAR Foundation and the licensed UK exchange Archax agreed to expand HBAR staking support.

In July 2023, South Korea’s Shinhan Bank successfully completed a proof of concept for using stablecoins in international money transfers, with the Hedera Hashgraph network serving as the experimental platform.