stc Bahrain and Lionscraft have signed a partnership agreement in the metaverse to pave the way for Web3 in the Middle East.

As the first telecom operator in Bahrain to lead the way for Web3, introducing the next evolution of the digital economy.
  • MARCH 06/03/2024
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stc Bahrain, a world-class digital enabler, has formed a strategic partnership with Lionscraft to build the infrastructure for Web3, the next evolution of the internet. Web3, built on blockchain technology, aims to decentralize the web, and give users control of their own data and online experiences.

As part of the partnership, stc Bahrain aims to be the leading, trusted, and reputable provider of Web3 infrastructure services in the Kingdom and the region. As a preferred partner for MENA businesses, stc Bahrain will be able to develop robust and profitable Web3 business line, supported by a solid infrastructure.

This collaboration marks a significant step in integrating stc Bahrain’s telco capabilities into the blockchain industry facilitating the introduction of the most innovative products and services, and setting new benchmarks in regional digital evolution. This expansion is aimed at nurturing the advancement of the digital economy and improving the experience of internet users.

The signing ceremony for this partnership by itself is marked as new innovative milestone, being one of a kind to be fully conducted in the metaverse world, showcasing the innovative spirit of both entities and setting a precedent for future digital engagements in the region. Additionally, the partnership agreement itself is deployed as an NFT (non-fungible token) on the Avalanche network.

Within its metadata, there is hash linking to the signed contract, enabling users to authenticate the NFT’s origin and validity.

stc Bahrain chief wholesale officer Mr. Saad Odeh commented on the partnership, saying: “Web3 is progressively solidifying its form. While it may be perceived as another iteration of the internet, it represents a generational shift. stc BH will offer several Web3 infrastructure services, serving as a cornerstone to enable dynamic user experiences while ensuring greater data sovereignty and privacy to internet users.

We are thrilled to contribute to establishing the groundwork for the future and spearheading the transformation of the digital experiences in MENA region. We are committed to executing our mandate of empowering the next phase of digital transformation in alignment with the Bahrain Economic Vision 2030.”

Lionscraft CEO Dr. Adilah Hussien added, “Lionscraft is delighted to partner with stc Bahrain, harnessing our collective expertise to forge the path for Web3 innovations. This collaboration represents a shared vision for a decentralized future, where empowerment and user-centric design lead the digital narrative. Together, we are laying the foundational stones for an ecosystem that prioritizes trust, autonomy, and the seamless integration of blockchain technologies into everyday digital interactions.”

Still in the early stages of development, Web3 will offer several benefits for end-users such as increased ownership and control over their data, more personalized and tailored experiences, greater transparency and trust, and access to new and innovative applications. Blockchain technology establishes a robust framework that strengthens security, presenting substantial defenses against unauthorized access and preserving the integrity of transactions.

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