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For the development of the ecosystem, Hedera Governing Council allocate $5 Billion

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Pavan A Follow

INDIA

Sep, 20 2021

Sep, 20 2021

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A decision was passed on July 14th by Hedera Governing Council to allocate about $5 billion to develop the Hedera ecosystem.

The Hedera Governing Council, a coalition of diverse organizations, has approved a plan to allocate 10.7 billion HBAR tokens, which is 20% of the entire supply, valued at $5 billion at the time of writing.

As of 16th September, Hedera's Governing Council has primarily reserved up to 5.35 billion hbars, worth approximately US $2.5 billion to the newly established independent HBAR Foundation.

According to the decision made on July 14, the HBAR Foundation will get around 2.5 billion tokens to funds developers, startups, and other network expansion initiatives. The rest is being utilized to improve the ecosystem.

"The Hedera network is the most widely used public ledger in the world, and with the establishment of the HBAR Foundation we aim to drive exponential adoption, growth, and value," said Shayne Higdon, Executive Director and CEO of the HBAR Foundation.

"Our mission is to fund a future where entrepreneurs form digitally-native economies and ecosystems, controlling their own assets, identities, data, marketplaces, and more. We are excited to engage with and support organizations and teams that share this vision," He adds.

Shayne Higdon has substantial experience in the fields of software and venture capital with knowledge and experience in SaaS, cloud, infrastructure, and application performance monitoring.

The council aims to expand the application of its open and decentralized network in the field of Central Bank Digital Currencies, decentralized finance, gaming, non-fungible tokens, etc. The project's objective is to support businesses that share their mission to form digitally native economies and ecosystems.

The project's development is overseen by Hedera's Governing Council, which includes Boeing, Deutsche Telekom, EDF (Électricité de France), Chainlink Labs IBM, LG Electronics, London School of Economics (LSE), Google, Standard Bank Group, and Tata Communications, and many more.


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Pavan A

CBW - External Analyst

INDIA

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