Hedera Hashgraph Approves Plans to Allocate HBAR Worth of $5 Billion to Develop the Ecosystem

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Today’s Cryptocurrency Headline

Distributed ledger platform Hedera Hashgraph (HBAR) governance board has announced the approval of a plan to allocate 10.7 billion HBAR, approximately 20% of the total supply, for ecosystem development, currently worth over $5 billion. The resolution was previously approved by the board at its July 14 meeting. The total value of token distribution incentives is about $2 billion.

As of September 16, The Hedera Governance Board had allocated 5.35 billion HBAR tokens to the newly established independent HBAR Foundation. The HBAR Foundation will have autonomy in HBAR management, development, and deployment, and will provide grants to developers, startups, and other organizations to accelerate the development and adoption of the Hedera network. The remaining allocations will be used to strengthen partnerships for Hedera ecosystem development and other initiatives.

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Bitcoin’s strong rally above $48,000 but failure to gain ground shows the power of the bears. If Bitcoin price fails to break the $48,500 pressure level today, it is likely to close in red again today. Traders need to be prepared for the risk of a pullback. At present, although the bull mood is weak, the power of the downside will not be too strong temporarily. Separately, asset management firm SkyBridge Capital has raised $100M for its newly launched Algorand fund, which currently holds around $700M cryptocurrency assets.