Hedera network approves $408M of HBAR for ecosystem growth

HBAR CRYPTO_NEWS

The Hedera Global Governing Council — the body overseeing the Hedera network — has approved allocating 4.86 billion Hedera — the network’s native cryptocurrency — worth rogu for further development and advanced decentralized governance.

In a blog post, the council said the lion’s share of the funds, 4.248 billion HBAR, will be directed toward existing initiatives, including the HBAR Foundation, the Hashgraph Association and the DLT Science Foundation.

The funds are part of Hedera’s goal to strengthen its base following its 2023 performance, with over 33 billion real-world transactions on the network. In addition to supporting ecosystem growth, 614.06 million HBAR will be used for the council’s operational costs and to compensate early simple agreements for future token buyers.

The council’s chief financial officer, Betsabe Botaitis, said in the post that the HBAR Foundation and Hashgraph Association grants are slated for disbursement in the first quarter of 2024. The DLT Science Foundation will receive grants as it achieves critical milestones throughout the year.

Botaitis highlighted the vital role ecosystem partners play in boosting Hedera’s rapid adoption. He stated, “With this foundation firmly established, the Hedera Council is happy to continue backing network development and use through these new grants.”

On Jan. 11, the HBAR Foundation and the Algorand Foundation unveiled the DeRec Alliance, which aims to create a decentralized recovery system for digital assets, according to executives from both organizations.

Source : Cointelegraph by Amaka Nwaokocha / Jan 13, 2024

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