The Hashgraph Association (THA), a Swiss-based organization focused on global digital enablement, has announced a strategic partnership with the Qatar Financial Centre. The two entities will launch a Digital Assets Venture Studio, a platform to support Qatari and international companies in developing regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.
The $50 million venture studio, launched during the Qatar Economic Forum held in Doha until May 16, 2024, will invest in Hedera-powered Web3 startups and enterprises building decentralized finance (DeFi) solutions. The program will run for five years from 2024 to 2028, with the Hedera Governing Council committing $10 million (20 percent) of the total funding.
Through the Digital Assets Venture Studio, THA will enable local Qatari companies as well as international portfolio companies to build innovative, regulatory-compliant structured financial products and secure digital asset solutions. This will also include the tokenization of real-world financial assets on the Hedera DLT network.
The venture studio will be part of Qatar’s Digital Assets Lab, which is housed within the QFC Innovation Dome. The Digital Assets Lab was launched in December 2023 as part of Qatar’s “National Vision 2030” to accelerate research and development in the digital asset space.
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Real-world asset tokenization solutions
The partnership will further focus on delivering legal and regulatory-compliant real-world asset tokenization solutions. It will provide startups and SMEs with training, financing, engineering, and resources for research and development. Moreover, THA will also facilitate fintech events, such as the Web Summit in Qatar, to showcase developments in the digital asset space and enhance Qatar’s visibility as a leading hub for decentralized finance and digital assets.
Yousuf Mohamed Al-Jaida, board member and chief executive officer of Qatar Financial Centre, noted, “The Qatar Financial Centre is pleased to welcome The Hashgraph Association Digital Assets Venture Studio to the QFC Digital Assets Lab. This partnership is closely aligned with Qatar’s fintech strategy and is instrumental in advancing our efforts in developing and launching innovative projects that establish the country as a financial and commercial hub by 2030.”
Driving the growth of vibrant Web3 and DLT/Blockchain ecosystem
Kamal Youssefi, president of The Hashgraph Association, said: “We are delighted to sign this strategic partnership with the Qatar Financial Centre in Doha Qatar. We are committed to investing and fostering the growth of a vibrant Web3 and DLT/Blockchain ecosystem with a special focus on decentralized finance and digital assets in support of Qatar’s Vision 2030 aimed at fostering an innovative regulatory compliant digital economy.”
As part of a larger strategy to drive development in the Middle East and North Africa (MENA) region, this new partnership builds on previous milestones achieved by THA. Earlier this year, THA signed a strategic agreement with the Saudi Ministry of Investment (MISA) to establish a $250 million DeepTech Venture Studio. This studio will focus on enabling the convergence of advanced technologies such as AI, IoT, blockchain/DLT, robotics, and quantum computing.
Empowering the next generation of Web3 financial entrepreneurs
Stefan Deiss, co-founder & CEO of The Hashgraph Group, said: “We are excited to launch our Swiss/Qatari government-endorsed Digital Assets Venture Studio in Doha that will empower the next generation of Web3 financial entrepreneurs by supporting the launch of structured financial products and tokenized financial solutions, leveraging financial instruments and investment structures such as equity, funds, real estate, and aircraft financing.”
Additionally, Switzerland is collaborating with THA to offer an entrepreneur exchange program. This program will allow entrepreneurs from Qatar to travel to Switzerland, and vice versa, with support from the Canton of Schwyz. The goal is to facilitate knowledge sharing and cross-pollination of ideas between the entrepreneurial ecosystems in these two countries.
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