Saudi state-owned energy firm invests in Web3 with droppGroup
Saudi state-owned energy firm invests in Web3 with droppGroup
- Saudi Aramco is actively exploring blockchain-based technologies that could improve the lives of its employees.
- The energy giant inked a memorandum of understanding (MoU) with droppGroup to invest in Web3 tech.
Saudi Aramco, the $2 trillion worth state-owned energy giant, has inked a memorandum of understanding (MoU) with droppGroup to investigate and collaborate on creating an array of Web3 technologies. Web3, the third-generation internet powered by blockchain technology, will be used to aid Aramco’s staff members, according to the MOU.
Aramco’s venture into the blockchain space goes beyond just this collaboration. Last year, Aramco invested $5 million in Vakt, a post-trade processing platform based on blockchain technology. However, its new venture will bring onboarding and training ecosystems and a tokenized network and reward system to fuel further development of the web3 technology.
Boasting a comprehensive tech stack of AI and ML, XR, tokenized networks, and metaverse environments, droppGroup is a top-notch Web3 technology provider with headquarters in New York City alongside an operational office based in Saudi Arabia.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
