Hedera Council Prepares IDR 75 Trillion Funds To Develop Crypto Networks

Hedera Hashgraph, an HBAR crypto developer. (Photo; Doc. Bitnovo)

JAKARTA - Hedera Council, an organizational group responsible for managing the Hedera Hashgraph (HBAR) crypto network, announced its plan to allocate 4.86 billion HBAR, a native token belonging to Hedera. Junglah is worth around US$2.4 billion or Rp 37.5 trillion.

This allocation of funds is intended for the development of the Hedera ecosystem. This step is a decision that will be taken at the Hedera Council (Hedera Council) meeting on July 14, 2024. This disbursement of funds is part of the Hedera Council's strategy to strengthen the foundation of the Hedera network.

Then, as many as 4.248 billion HBAR, which is equivalent to around US$2.1 billion or Rp. 32.8 trillion, is planned to be allocated to existing initiatives. Among them are the HBAR Foundation and Hashgraph Association.

The HBAR Foundation is an independent foundation that aims to provide funds to developers, startups, and other organizations that want to utilize the Hedera network for various applications in decentralized finance (DeFi), non-fungible tokens (NFT), central bank digital currencies (CBDC), games, and other industries. The funds are scheduled to be distributed in the first quarter of 2024.

Not only that, around 614.06 million HBAR, equivalent to around US $303 million or IDR 4.7 trillion, will be allocated for Hedera Council's operational costs. This allocation also includes payments to early SAFT (Simple Agreements for Future Tokens) buyers, a mechanism used by Hedera to sell HBAR to investors before the network launches.

This step is a form of fulfilling the Hedera Council's commitment to investors initially and giving more confidence to potential investors in the future. The total funds allocated by the Hedera Council amounted to Rp75 trillion.

Betsabe Botaitis, Chief Financial Officer of the Hedera Council, expressed enthusiasm for this initiative in a blog. "In 2023, he witnessed the fast adoption of the Hedera network with more than 33 billion real-world transactions, mostly thanks to the significant contribution of our ecosystem partners," Botaitis said.

"With a solid foundation, the Hedera Council is pleased to strengthen network development and utilization through these new grants," he continued.

The Hedera Council currently consists of 23 organizations from various geographic sectors and regions. The organizations involved are responsible for regulating the network (including fund allocations) and operating nodes. The Hedera network nodes, hosted by each member of the colony, now exist on every continent except Antarctica.