Quick take:
- Saudi Aramco Group has announced a partnership with droppGroup to build web3 tech.
- The oil & gas giant will explore web3 opportunities that could help its workers.
- Based on the MOU the two companies will co-develop technologies focused on onboarding, training ecosystems, as well as a tokenized network and rewards program.
Saudi Aramco has signed a memorandum of understanding with web3 tech startup droppGroup to develop blockchain technologies that could be used to help its workers. According to a report by CoinDesk, Aramco will explore web3 opportunities in onboarding, and training ecosystems, as well as a tokenized network and rewards program.
Saudi Aramco is the world’s largest publicly traded oil and gas company with a market cap of SAR 7.15 trillion (~$1.91T), and third overall, only behind Apple $2.41T and Microsoft $1.94T.
The company has been actively involved in Web3 tech since investing $5 million in the blockchain-based commodities post-trade processing platform, Into Vakt, in early 2020.
DroppGroup is a web3 developer with a product stack that includes tokenised networks, extended reality, and AI and machine learning technologies. In September last year, droppGroup parent, droppLabs acquired metaverse platform Phly to create the world’s first ‘phygital’ metaverse.
Saudi Arabia has been one of the leading early adopters of web3, with projects like Neom’s cognitive metaverse project XVRS, based on the country’s futuristic city. In September, the Saudi central bank hired a former Accenture managing director Mohsen AlZahrani to lead its foray into web3, launching a virtual assets unit tasked with developing a digital currency (CBDC).
Later that month, the country also collaborated with King Abdulaziz Foundation for Research and Archives to bring National Day to the metaverse.
Aramco’s foray into web3 is part of its broader strategy to diversify into new markets, which also ties into the country’s long-term goal of reducing overreliance on oil and gas products.
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