While partnerships in the cryptocurrency market continue to increase rapidly, the latest news came from the corporate blockchain network Hedera.
Sharing on account X, Hedera announced that it signed a five-year partnership agreement worth $250 million with the Saudi Ministry of Investment.
As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6
— Hedera (@hedera) February 6, 2024
Within the scope of this agreement, the way will be paved for initiatives that will allow companies in the country to develop technological solutions.
With the agreement, the launch of DeepTech Venture Studio, which allows companies to develop innovative technological solutions, was also announced.
“The Saudi Ministry of Investment (MISA) signed a five-year agreement worth $250 million with The Hashgraph. As part of this agreement, the launch of the DeepTech Venture Studio, which allows companies to develop innovative technological solutions, was also announced.”
Following the news, Hedera (HBAR) price increased by up to 11%.
As you may remember, the US central bank FED announced in late July that it had launched the payment system FedNow service, which allows US citizens to send and receive money instantly 24 hours a day, 7 days a week, and that it had chosen Hedera Hashgraph's (HBAR) Dropp payment platform as the service provider for this service.
*This is not investment advice.