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The Hedera Hashgraph To Expand Its Ecosystem With $4.5 Billion Budget
The Governing Council recently announced that it has given 10.7 billion HBAR, Hedera Hashgraph's native token, to finance the ecosystem's growth and expansion.
According to the official statement, the sum worth about $4.5 billion at the current market price ($0.42) represents 20% of the total supply of the token.
Surprisingly, the value of the 10.7 billion HBAR has more than quadrupled since the Governing Council authorized the distribution on July 14th.
On that date, the tokens were valued at roughly $2 billion.
On HBAR Blockchain, There Is DeFi, NFTs, CBDCs, & iGaming
According to the Hedera council, half of the money has already been allocated to the recently created independent HBAR Foundation.
The remaining funds would be distributed by the independent organization.
According to the statement, the remaining half of the cash, which is presently kept in Hedera treasury accounts, will be used to fund collaborations and other ecosystem-building activities.
The foundation will supervise the administration and growth of the Hedera ecosystem by awarding grants to developers, entrepreneurs, and other organizations to spread the network across products such as DeFi, NFTs, CBDCs, and iGaming.
Shayne Higdon was also chosen to lead the foundation by Hedera's Governing Council. Higdon is a serial blockchain executive with extensive expertise in venture capital and private equity, having managed more than 40 M&A and corporate venture deals in related sectors.
Shayne Higdon, who commented on the news, stated that Hedera is the most extensively used public ledger in the world and that the newly formed HBAR Foundation would aid in its adoption.
“We aim to fund a future in which entrepreneurs build digitally native economies and ecosystems, managing their assets, identities, data, marketplaces, and so on. We are eager to collaborate with and assist organizations and teams that share this goal”, he added.
Encouragement Of A Decentralized Economy
The Governing Council of Hedera is a broad group of 23 businesses from throughout the world, including LG, Google, IBM, and Boeing.
The network, it's funding, and functioning nodes are all governed by the council.
“It is now time to enable other companies to accelerate network adoption as part of our objective 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 substantial commitment to advance the network's decentralized growth and usage,” stated Mance Harmon, CEO of Hedera Hashgraph.