Blockchain social media platform Foresting HQ has teamed with Saudi Arabia’s Ram World Tech Solutions Corporation on establishment of a joint venture to develop a social media platform and bring new e-services to the Arab states.
Based in Singapore, Foresting HQ develops and operates a blockchain-based rewarding social media platform that enables content creators around the world to connect and earn rewards. In Foresting, content creators are no longer reliant on the funds from followers and advertisers. Instead, users can benefit economically just by getting ‘Likes’ through the use of blockchain technology and cryptocurrency. The company plans to launch an open beta service in April after completing a closed beta test.
The joint venture, which is based on the analysis of the value and profitability of the social media business in GCC area, will consist of a three-year contract on $100 million investment by Ram World Tech Solutions Corporation and development and operation of social media platform and e-services by Foresting HQ.
According to the press release, GCC social media users are growing rapidly, with the Internet penetration rate of 91% and the smartphone penetration rate of 96%. The number of users increased by 32% compared to 2017, and 25 million people are currently using social media platforms. The firms expect the joint venture to show steady growth leading to revenue generation through new platform launch, global user acquisition, exchange listing, and new services.
“With the establishment of a joint venture, Foresting HQ will create social media that can be commercialized in GCC region and during “Hajj & Umrah” and will expand its scope by providing mobile-based e-service (commerce, reservation, banking)”, said Daniel Eom, CEO of Foresting HQ.
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