Posted by Chennai: Enterprise blockchain technology platform Blockedge and Suvik Technologies FZE have signed a joint venture deal on Web3 technologies.
Blockedge and Suvik Technologies FZE, a UAE-based public blockchain technology company today signed an MoU to form a joint venture in Dubai.
This JV aims to create tools that empower organisations globally to migrate to Web3 technologies. As per the MoU signed between the two companies, they have agreed to convert their partnership into a 55:45 joint venture based in Dubai, specifically focusing on the Middle East, Asia Pacific, and North America.
For this large-scale adoption of Web3 technologies, Blockedge is banking on its infrastructure automation platform, and expertise to develop decentralised applications and interoperable blockchain solutions. At the same time, Suvik Group is relying on its proprietary trading system for crypto assets and Plugin – a Decentralised Oracle platform built on XDC Network.
“Web3 is all about building system-backed trust to facilitate trusted peer-to-peer transactions,” said Srinivas Mahankali, Chief Business Officer of Blockedge Technologies Inc.
“To accelerate the adoption of Web3 technologies globally, we have come together to leverage each other’s strengths to create the required infrastructure layer to encourage and empower over 1000 organisations in the next three years,” added Mahankali.
“The creation of the joint venture between Blockedge and Suvik has come at the right time and place and has the potential to add immense value to the blockchain ecosystem,” said Vinod Khurana, Co-Founder of Plugin Decentralized Oracle on XDC Network and CEO of Suvik Group.
“With this venture, we aim to launch decentralised applications across industries, with an initial focus on agriculture, healthcare, supply chain, and e-commerce,” added Khurana.