The Hedera Global Governing Council has allocated 4.86 billion HBAR, the network’s native token, to further the development and governance of the Hedera network. The funds will be used to support existing initiatives and compensate early token buyers.
Key Points
- The Hedera Global Governing Council has approved the allocation of 4.86 billion HBAR, worth roughly $408 million.
- The majority of the funds will be used to support existing initiatives, including the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation.
- The Council will also use the funds to cover operational costs and compensate early token buyers.
Additional Information
Funding
The Hedera Global Governing Council has allocated 4.86 billion HBAR, the network’s native token, to further the development and governance of the Hedera network.
The majority 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 Council will also use the funds to cover operational costs and compensate early token buyers.
Milestones
The DLT Science Foundation will receive grants as it achieves critical milestones throughout the year.
Ecosystem
The Council’s Chief Financial Officer, Betsabe Botaitis, highlighted the vital role ecosystem partners play in boosting Hedera’s rapid adoption.
“With this foundation firmly established, the Hedera Council is happy to continue backing network development and use through these new grants,” Botaitis said.
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.
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