a Saudi Aramcothe largest oil company in the world, has entered into a partnership with the SBI group last Thursday (7). In the document, the companies mention mutual interest in the digital assets sector, which could lead to the oil giant investing in it cryptocurrencies.
Currently, Saudi Aramco is considered the third largest company in the world. With a market value of $2.1 trillion (R$10.4 trillion), the oil company is bigger than Alphabet (Google) and behind only Apple and Microsoft.
Saudi Aramco, one of the largest companies in the world, wants to invest in cryptocurrencies
Founded in 1990, Saudi Aramco is a state-owned company in Saudi Arabia that went public in 2019, when it conducted the largest initial public offering in history. Now the third largest company in the world is considering investing in cryptocurrencies, and could be another giant that will have Bitcoin in its cash flow.
In partnership with Japanese group SBI Group, the two companies have expressed interest in investing in the digital asset sector, which may include cryptocurrencies, and in the semiconductor industry. Both Japan and Saudi Arabia would benefit from this alliance, which could influence other companies in both countries.
“Digital asset cooperation and co-investment leveraging both parties’ digital asset investment portfolios.”
“Identifying Japanese digital asset startups interested in expanding their operations in Saudi Arabia and supporting their entry and growth”the text continues. “Launch of several specific projects related to semiconductor investments, including the establishment of factories in Japan and Saudi Arabia.”
The interest in cryptocurrencies comes at a unique time. In other words, requests for spot Bitcoin ETFs from giants like BlackRock and Fidelity in the US may have influenced Saudi Aramco’s decision to look into the sector.
Over the year, Bitcoin has increased in value by 150%, which may have also caught the attention of the above giants. El Salvador also benefited from this surge, launching a sale of 1,000 Salvadoran citizenships for $1 million, in Bitcoin, and is ready to raise another $1 billion in so-called “volcano bonds.”
Although Bitcoin fell 5.5% this week, the market remains enthusiastic, believing that the 2023 rally could continue into 2024. At the time of writing, BTC is priced at $41,429.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
