HBAR Foundation Launches $250m Blockchain Fund

Last Thursday, The HBAR Foundation, a nonprofit organization working to accelerate Hedera network use cases, debuted a Metaverse fund worth $250 million USD to encourage immersive experience developers to design solutions for its blockchain ecosystem.

The HBAR foundation is creating the Metaverse fund to target business-to-customer (B2C) and business-to-business-to-customer (B2B2C) use cases that introduce users and enterprises to the Hedera ecosystem and blockchain technology.

The Foundation is also accepting non-fungible token (NFT) and decentralized finance applications.

Additionally, the funding drive recognizes the importance of virtual economies, and the awarded capital will enable developers to create eCommerce solutions that benefit enterprises, brands, and the Hedera service.

What is Hedera Network?

The Hedera network is a distributed ledger service (DLS) that provides an enterprise-grade public network for decentralized and digital financing. Hedera software development kits (SDK) also come in various forms enabling developers to create a wide array of immersive solutions.

Hedera use cases range from healthcare to gaming. Groups such as the British National Health Service (NHS), SAFE, and Arizona State University have designed use cases for the DLS service.

Notably, UK hospitals last year used a blockchain solution, built on Hedera in collaboration with Everywhere, to track the temperature of COVID-19 vaccines when transported around the country.

Enterprises building on the Hedera ecosystem can securely use the blockchain to perform business-to-business (B2B) transactions. Also, the platform enables firms to use decentralized ordering, trace digital assets, and manage blockchain credentials.

Hedera partner Scott Thiel, the Asia Head of DLA Pipers Global Technology and FinTech Sector said:

“Hedera uniquely enables many mechanisms which are significant breakthroughs in the distributed ledger technology space.”

Hedera’s platform also encourages video game publishers and developers to use the network to enhance pay-to-play experiences. Video game developers can use the blockchain to enable secure in-game digital currencies and the sales of digital goods.

Also, the Hedera platform uses blockchain technologies to track scoreboards for immersive virtual reality (VR) environments and eSports events. In February, video game publisher Ubisoft partnered with The HBAR Foundation to devise immersive gaming experiences on the Hedera ecosystem.