Hedera Floats $250M Web3 Venture Fund in Saudi Arabia

Hedera ( HBAR ) has launched a $250 million fund for DeepTech as it seeks to drive Web3 education and adoption in Saudi Arabia. The open-source Proof-of-Stake (PoS) public ledger has announced a multi-year strategic partnership with the Saudi Arabian government.

According to the announcement, the PoS blockchain has entered into a core alliance with the Saudi Ministry of Investment. The five-year agreement is worth $250 million and includes the Hedera Fund-Saudi collaboration, as well as the launch of DeepTech Venture Studio.

The DeepTech Studio is part of a five-year plan and will be established in Saudi Arabia's capital city, Riyadh. Its focus is closely linked with Saudi's goal to diversify its income from oil and gain traction amongst international companies. The Studio will play a crucial part in developing innovative solutions in industries like Artificial Intelligence (AI) and quantum computing.

This launch comes amidst other milestones for the protocol, including significant growth and big partnership deals. Hedera Hashgraph's native cryptocurrency, HBAR , was allocated around 5 billion for the ecosystem's development and the advancement of decentralized governance. A portion of the fund was directed to existing initiatives, including the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation.

Less than four weeks ago, the Hedera ( HBAR ) developer team talked about the integration of Hitachi U.S. in relation to potential inclusion in the governance council. The addition of Hitachi, one of the largest even for the Hedera Fund ecosystem, made the former the newest member of Hedera ( HBAR ) Council. The move is poised to boost the practical application of Web3.0 technologies.