Hedera’s HBAR Foundation Launches $100M Sustainable Impact Fund
The fund will target projects that focus on sustainable development, such as carbon offsets.
Mar 10, 2022 at 2:00 p.m. UTCUpdated May 11, 2023 at 4:01 p.m. UTC
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Tree and forest at Sequoia National Park, California, USA.
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The HBAR Foundation, which drives the development of the Hedera network by providing grants and resources to developers, launched a $100 million fund for sustainable ventures on Thursday.
- The Sustainable Impact Fund aims to invest in Hedera-based solutions that involve carbon emissions, offsets and removals, as well as other nature-based projects, the foundation said in a release.
- DOVU, a Hedera-powered “trust layer” for carbon offset integrity, will be the first project to receive a grant from the fund. The funding amount was not disclosed.
- DOVU provides granular tracking of carbon offset credits so that buyers have confidence in the origin and source of the credits. Carbon offset credits refers to a way of reducing greenhouse gas emissions. The credits are used for land restoration or tree planting to compensate for emissions elsewhere.
- Hedera’s universe of decentralized apps is largely based on enterprise usage. The blockchain protocol launched in September 2019 after an initial coin offering (ICO) in 2018. The HBAR Foundation was started last year and was allocated $2.5 billion in HBAR tokens by Hedera’s governing body.
- Hedera is a distributed ledger of transactions using a new consensus algorithm known as hashgraph to process more transactions at scale than proof-of-work and proof-of-stake networks.
- HBAR was trading at around 20 cents and has a market cap of just over $4 billion.
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