- HBARโs non-profit, The Hashgraph Association, enters a $50M deal with Qatar.
- The strategic partnership is centered around building a digital assets studio.
- Hederaโs distributed ledger chain welcomes over 133K new wallets in a week.
Hedera Hashgraph (HBAR) is known to make a strong case for adoption via the variety of partnerships the blockchainโs parent company has established. A month ago, HBAR received a powerful boost when BlackRockโs money market fund (MMF) went live on Hederaโs chain.
Sponsored
The Hashgraph Association, an independent non-profit organization, has made huge strides toward bringing this unique blockchainโs capabilities to a national level via partnerships with governmental institutions. In February 2024, The Hashgraph Association struck a five-year deal with the Ministry of Investment of Saudi Arabia (MISA).
HBAR Enters Deal to Build Digital Assets Studio in Qatar
In February, the Saudi Arabian government invested $250 million in the project to build the DeepTech Venture Studio in Riyadh. By doing so, it aims to leverage advancements in artificial intelligence, quantum computing, virtual reality, and more.
This time, The Hashgraph Association has entered a deal with Qatar, one of the worldโs richest countries. With a $50 million development fund, the Hashgraph Association is trusted to build a Digital Assets Venture Studio to rapidly accelerate the research and development of the digital financial landscape.
Qatarโs Digital Assets Lab within the QFC Innovation Dome supports the new Digital Assets Venture Studio as part of Qatarโs โNational Vision 2030.โ Moreover, the venture studio by HBAR tends to focus on building bankable decentralized finance solutions.
According to Yousuf Mohamed Al-Jaida, the Chief Executive Officer of Qatarโs Financial Centre, this new partnership is โinstrumental in advancing our efforts in developing and launching innovative projects that establish the country as a financial and commercial hub by 2030.โ
New Wallet Creations Pop Off On The Qatari Partnership
The Venture Studio will last four years and complete the initiative by 2028, empowering local businesses in Qatar. The Hashgraph Association contributes 20% of the $50M fund, providing local startups and businesses with tutoring, engineering, financing, and development services.
Furthermore, businesses participating in the $50 million Digital Assets Venture Studio program can access digital asset solutions, including tokenizing Real World Assets (RWAs) on HBAR’s distributed ledger.
This strategic initiative has already borne fruit in Hedera’s blockchain’s rapidly rising new wallet count. Over 83,000 new wallets were created on Hederaโs Distributed Ledger on May 15, as the application was announced in Doha. HBARโs price stayed consolidated, picking up 1.1% gains over the past 24 hours.
As of press time, Hedera Hashgraph is trading at $0.11 with a 24-hour trading volume of $80 million. Bringing about 108% gains in yearly terms, HBAR is still over 80% down from its all-time peak, recorded two and a half years ago at $0.5692 on September 15, 2021.
On the Flipside
- Due to the popular misconception that BlackRock had any direct involvement in the MMF tokenization deal, HBARโs 60% surge on April 24, 2024, was short-lived.
- A few days after BlackRockโs MMF deployment on Hedera, the heavyweight investment management company cleared that up in an update on X.
- BlackRock referred to Archax as the initiator of their ICS US Treasury money market fund (MMF) on-chain deployment and denied direct involvement.
Why This Matters
The $50M incubator is directed at regulatory-compliant structured financial products that are based on blockchain technology. Such collaborations between blockchain developers and governmental institutions open the doors for clearer worldwide crypto regulation.
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