Saudi Aramco Invests $5 Million in Blockchain Startup

The venture capital division of the world’s largest oil company, Saudi Aramco, has invested $5 million in Vakt blockchain startup. The information was published on the official website of the blockchain company, its representatives said that Saudi Aramco has become one of the twelve investors.

The company is aimed to enter new markets for the funds raised, but they want to focus on the countries of Asia. Based on the terms of the deal, Aramco Trading should involve Vakt startup in its trading operations.

“It is a proud moment to be able to count SAEV as one of our shareholders. This company – part of the most profitable business in the world – has a strong track record of investing in industry innovation. We were not proactively seeking further investors; however, we could not miss the chance to bring on-board a partner of this calibre, which is a tremendous show of faith in VAKT’s vision.” – Richard James, VAKT CFO, commented. 

Earlier we wrote that Saudi Aramco was valued at almost two trillion dollars.

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