**Summary:**
Hedera has reportedly secured a $250 million investment deal from the Saudi Arabian government for blockchain and Web3 initiatives. The five-year agreement with the Saudi Ministry of Investment includes the launch of the DeepTech Venture Studio, aimed at empowering local Saudi and other companies in the technology space. The deal has led to a more than 5% surge in the price of HBAR, Hedera’s native token.
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Hedera Secures $250M Deal with Saudi Ministry of Investment, Launches DeepTech Venture Studio
Hedera, the blockchain platform, has confirmed a five-year agreement with the Saudi Ministry of Investment, sealing a $250 million deal for blockchain and Web3 initiatives in Saudi Arabia. The announcement also revealed the launch of the DeepTech Venture Studio, a venture aimed at empowering local Saudi as well as companies in the technology space, including areas such as blockchain, artificial intelligence, robotics, Internet of Things (IoT), virtual reality, and quantum computing.
The agreement was officially signed off during the Saudi-Swiss roundtable meeting in Riyadh. Moreover, this major development has led to a surge of more than 5% in HBAR’s price, the native token of Hedera.
*FAQ:*
1. What is Hedera’s $250M deal with the Saudi Ministry of Investment?
Hedera has secured a five-year, $250 million deal with the Saudi Ministry of Investment for blockchain and Web3 initiatives in Saudi Arabia.
2. What is the DeepTech Venture Studio launched by Hedera?
Hedera, in partnership with The Hashgraph Association, has launched the DeepTech Venture Studio, a venture aimed at empowering local Saudi as well as companies in the technology space, including blockchain, artificial intelligence, robotics, Internet of Things (IoT), virtual reality, and quantum computing.
3. How has the deal affected HBAR’s price?
Following the major development of the $250 million deal and the launch of the DeepTech Venture Studio, the price of HBAR, Hedera’s native token, surged by more than 5%.