A memorandum of understanding to establish a joint venture in Dubai was signed by Blockedge Technologies Inc., a leading enterprise blockchain technology platform, and Suvik Technologies FZE, a public blockchain technology company based in the United Arab Emirates. The joint venture will develop tools that enable organisations all over the world to migrate to WEB3 technologies.

 

Blockedge brings its infrastructure automation platform, know-how to create decentralised applications, and interoperable blockchain solutions, with the proper complementing ingredients to support the drive towards a large-scale safe Web3 adoption. In addition, Suvik Group delivers Plugin, a decentralised Oracle Platform built on the XDC Network, together with its own trading platform for crypto currencies.

 

"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 organizations in the next three years," he added.

 

Vinod Khurana, Co-Founder of Plugin Decentralized Oracle on XDC Network and CEO of Suvik Group added, "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. With this venture, we aim to launch decentralized applications across industries, with an initial focus on Agriculture, Healthcare, Supply chain, and E-commerce".

 

The collaboration will become a joint venture with a 55:45 split with a Dubai basis that will concentrate on the Middle East, Asia Pacific, and North America.