Vakt and Saudi Aramco become partners: details of the deal
Blockchain technology is used for various applications. They provide a high degree of security for financial transactions and accelerate a number of processes. The development of this digital direction is more relevant than ever, and its prospects have been appreciated by many experienced investors. The largest oil corporation Saudi Aramco was also interested in modern technology and decided to invest in the Vakt start-up.
The IT company is engaged in the development of products based on the Blockchain. For some time, it has been under the scrutiny of major businessmen and funds, and recently they were joined by a division of the Saudi Corporation, which specializes in venture capital investment. The amount that Saudi Aramco finances in the project is $5 million. However, this is not the only investment in the startup – in addition to the oil giant, the money for the development of Vakt products was given by 11 other investors.
The funds, which were raised during the negotiations, the management plans to spend on the company’s development and market expansion. The main goal that Vakt has set for itself is a promising and large Asian market. Cooperation with Saudi Aramco opens wide opportunities for the startup. Vakt products will help carry out trade operations, through them the management of the oil company intends to conduct business processes.
According to a representative of VAKT, the startup was not looking for investors, and Saudi Aramco came out on their own. However, this did not prevent the companies from starting cooperation on favorable terms for each other.
Blockchain industry is now experiencing an unprecedented volume, and according to experts, this situation will last for several more years. Understanding the prospects of the direction, a huge number of startups specializing in this technology have appeared in many markets. The market of China, where about 80 thousand companies of the given direction are registered at the beginning of the current year, did not pass by such a fuss. Of course, not all of them are successful, while only 26 thousand can boast of a promising block product, which has concrete benefits for this or that area.
Guangdong Province is the leader in the number of startups. There are about 22636 startups. Many blockchain companies are registered in specialized mining centers, which are located in different parts of the country.
The program of technology development initiated by the Chinese government also promotes the opening of new startups. However, despite the opening of a large number of firms, investment in the segment declined last year compared to 2018.
In general, blockchain technology shows good development growth worldwide. As in the past few years, the most popular region for investment in the segment is the USA. Here, new startups receive funding almost daily to develop products using promising technology.
