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Blockedge Technologies Inc & Suvik Technologies FZE Signs The Joint Venture Deal To Boost Web3 Adoption

By ET Bureau - February 18, 2023 2 Mins Read

Blockedge Technologies Inc & Suvik Technologies FZE Signs The Joint Venture Deal To Boost Web3 Adoption

Blockedge Technologies Inc., a leading enterprise blockchain technology platform, and Suvik Technologies FZE, a UAE-based public blockchain technology company, announced the signing of a memorandum of understanding to form a joint venture in Dubai, aimed at creating tools that empower organizations globally migrate to WEB3 technologies.

With the right complementary ingredients to facilitate the movement towards a large-scale secure Web3 adoption, Blockedge brings its infrastructure automation platform, expertise to develop decentralized applications and interoperable blockchain solutions. At the same time, Suvik group brings its proprietary trading system for crypto assets and Plugin – a Decentralized Oracle Platform built on XDC Network.

Also Read: How Big Data Can Facilitate Web3 Sustainability

“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 partnership will be converted into a 55:45 joint venture based in Dubai, specifically focusing on the Middle EastAsia Pacific, and North America.

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