SEOUL, South Korea, March 7, 2019 /PRNewswire/ -- CEO of Ram World Tech Solutions Corporation Prince Naif Bin Abdullah Bin Saud Bin Abdulaziz, grandson of King Saud Bin Abdulaziz, shook hands with Daniel Eom, CEO of FORESTING HQ Pte. Ltd, developer and operator of social media platform, on establishment of joint venture to develop a social media platform and bring new e-services to GCC area.
Under the terms of the agreement, joint venture 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 Ram World Tech Solutions Corporation, the establishment of JV is based on the analysis of the value and profitability of the social media business in GCC area. 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. Moreover, the 3rd most populous event in the world Hajj (obligatory Islamic pilgrimage) and Umrah (non-obligatory Islamic pilgrimage) gather about 3 million people together, and the economic value is estimated to be $1.2 billion.
"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.
Foresting HQ develops and operates a blockchain-based rewarding social media platform, called 'FORESTING'. At the meetup, which was held in January 2019, the company announced plans to launch an open beta service in April after completing Closed beta test. Platform provides unique opportunity for users to generate economic returns through uploading content and click on BEAT (vote). As a reward, PTC (PTON Credits) can be gathered and exchanged to "PTON", FORESTING cryptocurrency.
As large crypto exchanges such as Bithumb are entering the GCC, Foresting HQ's joint venture with GCC corporation is expected to show steady growth leading to revenue generation through new platform launch, global user acquisition, exchange listing, and new services.
SOURCE Foresting HQ