Chennai, 16th February 2023: Blockedge Technologies Inc., a prominent enterprise blockchain technology platform, and Suvik Technologies FZE, a public blockchain technology company based in the UAE, have signed a memorandum of understanding to establish a joint venture in Dubai. The primary objective is to create tools that enable organizations globally to transition to WEB3 technologies.
Blockedge brings its infrastructure automation platform and expertise in developing decentralized applications and interoperable blockchain solutions, while Suvik group provides its proprietary trading system for crypto assets and Plugin – a Decentralized Oracle Platform built on XDC Network. Together, they have the right complementary ingredients to facilitate large-scale, secure adoption of Web3.
“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 result in the formation of a joint venture based in Dubai, with a 55:45 ownership structure, that aims to target the Middle East, Asia Pacific, and North America regions.