The Japanese cryptocurrency banking conglomerate SBI Holdings has stated it is seeking a relationship with Saudi Aramco (SAOC), the state-owned oil company of Saudi Arabia, following the signing of a fundamental agreement for a business partnership.
Stay in the know on crypto by frequently visiting Crypto News Today
In fact, a report released on December 11 states that this alliance anticipates co-investing in each other’s digital asset portfolios as well as developing projects together, like building semiconductor factories on Saudi Arabian and Japanese territory.
The cooperation would specifically focus on three areas: finding and supporting Japanese cryptocurrency startups that are interested in expanding to Saudi Arabia; cooperating and making joint investments in the cryptocurrency space; and initiating semiconductor-related projects, like building factories in both countries.
As it happens, SBI has been pushing hard for projects in the Middle East, especially when it comes to forming investment funds with regional partners. In order to do this, efforts are also underway to open “SBI Middle East” in Riyadh, which will aid in the promotion of Japanese cryptocurrency firms in Saudi Arabia.
Apart from considering a collaboration with Saudi Aramco for semiconductor manufacturing endeavors, SBI has partnered with Taiwanese chip manufacturer Powerchip Technology Corporation to establish a plant in Japan’s Miyagi Prefecture.
Crypto and Saudi Arabia
According to an annual report released earlier this year, Saudi Arabia, which is aiming to become a major cryptocurrency hub in the Middle East, topped the relevant charts between July 2022 and June 2023 and was ranked as the nation with the highest growth volume of crypto transactions over a 12-month period.
Compared to the same time in 2021–2022, the kingdom had a notable global lead in year-over-year (YoY) growth in cryptocurrency transaction volume, reaching approximately $31 billion from July 2022 through June 2023. Spain with 6.9%, Nigeria with 9%, and Vietnam with 11.6% were its runners-up.
Furthermore, the Middle East and North Africa (MENA) has been recognized in Chainalysis’ annual report for 2019 as having the sixth-largest crypto economy globally, valued at $390 billion between July 2022 and June 2023. This puts MENA behind leading regions such as North America and Western Europe.
We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.
In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.
Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.
CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.
Thank you for your support,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
