Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech

This pioneering investor in the metaverse and NFTs. Secure Your Seat Saudi Arabian Oil Group (Saudi Aramco), the near $2 trillion state-owned energy company, has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing a range of Web3 technologies, according to a press release shared with CoinDesk. The Web3 (the third generation of the internet driven by blockchain technology) applications will be aimed at helping Aramco’s employees. This includes potential on-boarding, training ecosystems, as well as a tokenized network and rewards program. The collaboration isn’t Aramco’s first foray into blockchain technology. In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform. A D V E R T I S E M E N T Logo of BTC BTC $28,038.29 0.22% Logo of ETH ETH $1,760.56 2.32% Logo of BNB BNB $335.83 0.70% Logo of XRP XRP $0.37821241 2.90% Logo of APT APT $12.26 5.53% View All Prices A D V E R T I S E M E N T DroppGroup, a Web3 technology provider, has a tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments. The New York-headquartered firm droppGroup also has an operational office in Saudi Arabia. Read more: What Is Web3? Understanding What Web3 Is… and Isn’t Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. Email address

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