Share this article
Energy Giant Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech
Saudi Aramco will explore co-developing blockchain-based technologies that could benefit its workers.
By Brandy Betz
Updated May 9, 2023, 4:08 a.m. Published Feb 20, 2023, 3:00 p.m.
Saudi Arabian Oil Group (Saudi Aramco), the near $2 trillion state-owned energy company, has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing a range of Web3 technologies, according to a press release shared with CoinDesk.
The Web3 (the third generation of the internet driven by blockchain technology) applications will be aimed at helping Aramco's employees. This includes potential on-boarding, training ecosystems, as well as a tokenized network and rewards program.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The collaboration isn’t Aramco’s first foray into blockchain technology. In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.
DroppGroup, a Web3 technology provider, has a tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.
The New York-headquartered firm droppGroup also has an operational office in Saudi Arabia.
Read more: What Is Web3? Understanding What Web3 Is... and Isn't
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Plus pour vous
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
Ce qu'il:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
