Saudi state-owned energy firm invests in Web3 with droppGroupThe word on the media buzz reveals that the Saudi Aramco invests in Ripple XRP, however, the news has not been confirmed yet.
The Saudi Aramco formerly known as the Arabian American Oil Company (ARAMCO) has been renamed to Saudi Aramco after the Kingdom of Saudi Arabia (KSA) took over the company as their national asset.
The Crown Prince of Saudi Arabia Mohammed Bin Salman is seen as a dynamic leader with a futuristic vision to transform his country. He aims for a state with less dependence on oil, with developed public sectors, and a diversified economy.
The Saudi Vision 2030 states that the Saudi economy will be shifted towards a more sustainable economy. The developments would-be creating more business opportunities, creating more jobs and, increasing global investment. One of the tools that will likely be employed in the country’s transformation is blockchain technology.
The Chief Executive Officer (CEO) and President of Aramco Amin Nasser in this regard stated that the Saudi Vision 2030 is a transition towards a better and stable economy and Aramco is at the heart of this transformation.
Is the Saudi Aramco invests in Ripple XRP rumor true?
The Saudi state-owned Oil Company Aramco is the world’s most profitable company and it has been showing great interest in blockchain technology lately.
The leader of Payment Processing Group in Aramco’s Operations Division Banking Fahad I. Al Tabib stated that the blockchain technology makes him ponder upon the fact that however the business is done today will likely be changed with the inclusion of blockchain.
Furthermore, the Kingdom of Saudi Arabia’s central bank Saudi Arabian Monetary Authority has reportedly signed an agreement with the Ripple labs to support KSA’s banks in improving payment infrastructure.
If the XRP partnership does go through the investment come in this would be a huge move for Ripple XRP price in the Middle East.
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