Main navigation

Hedera (HBAR) Ecosystem to Get $5 Billion Push

News
Thu, 09/16/2021 - 14:22
article image
Alex Dovbnya
The Hedera Governing Council has earmarked 20% of the token's total supply for ecosystem development
Hedera (HBAR) Ecosystem to Get $5 Billion Push
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The Hedera Governing Council has voted to allocate 20% of the total supply of the HBAR token to its ecosystem development, according to a Sept. 16 press release.

At press time, 10.7 billion HBAR tokens are worth roughly $5 billion.

Half of the sum will go to the HBAR Foundation, which will be responsible for boosting the network's adoption in various sectors of the cryptocurrency industry.

The rest will be spent on securing partnerships and organizing various initiatives to strengthen the ecosystem.

Related
Binance CEO Says Financial Institutions Are Coming "Big Time"
 Shayne Higdon, the foundation's CEO and executive director, claims that the goal is to create digitally native economies:

We believe that for the Hedera network to reach its full potential as the trust layer of the internet, we must continue its strategy of decentralizing the governance of the ecosystem, which started with its unique Hedera Governing Council structure.

The HBAR cryptocurrency has soared more than 150% over the past week. With a market cap of $5 billion, it is now bigger than such prominent cryptocurrencies as EOS, Monero and IOTA.

HBAR
Image by tradingview.com

The Hedera protocol, which is based on a distributed consensus algorithm called Hashgraph, recently made it possible to mint non-fungible tokens, which is one of the main catalysts for the recent rally.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.