• A total of $4.5 billion has been allocated to expand the Hedera Hashgraph Ecosystem

  • Hedera Hashgraph hopes to strengthen the development of its ecosystem by launching a special fund worth more than $4.5 billion, or 20% of total token supply.

    The Hedera Governing Council recently announced that it had allocated 10.7 billion HBAR, the native token of Hedera Hashgraph, to fund the ecosystem’s development and expansion.

    According to the official announcement, the amount worth approximately $4.5 billion at the current market price ($0.42) represents 20% of the token’s total supply.

    Surprisingly, the value of the 10.7 billion HBAR has more than doubled since the allocation was approved by the Governing Council at its July 14 meeting. On that date, the tokens were worth about $2 billion.

    Hedera supports DeFi, NFTs, CBDCs, and iGaming.

    The Hedera council stated that half of the funds had already been allocated to its newly established independent HBAR Foundation. The autonomous organization would be in charge of distributing the remainder.

    According to the announcement, the remaining half of the fund currently held in Hedera treasury accounts will be used to fund partnerships and other ecosystem-building initiatives.

    The foundation will manage and develop the Hedera ecosystem by awarding grants to developers, startups, and other organizations with the goal of expanding the network across products such as DeFi, NFTs, CBDCs, and iGaming.

    Shayne Higdon was also chosen by Hedera’s Governing Council to lead the foundation. Higdon is a serial blockchain executive with extensive experience in venture capital and private equity, as well as having led over 40 M&A and corporate venture transactions in related fields.

    Shayne Higdon, who commented on the development, stated that Hedera is the most widely used public ledger globally, and that the newly established HBAR Foundation will help foster adoption.

    “Our mission is to fund a future in which entrepreneurs build digitally native economies and ecosystems while controlling their own assets, identities, data, marketplaces, and more. We are thrilled to work with and support organizations and teams who share this vision,” he added.

    Encouragement of a Decentralized Economy

    The Governing Council of Hedera is a diverse group of 23 organizations from around the world, including LG, Google, IBM, and Boeing. The network, its funds, and operating nodes are all governed by the council.

    “It is now time to empower additional organizations to accelerate network adoption as part of our mission to make the Hedera network the de facto standard for the decentralized economy.

    We are delighted that the Hedera Governing Council has made such a significant commitment to accelerate the network’s decentralized growth and usage,” said Mance Harmon, CEO of Hedera Hashgraph.

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