Saturday, 25 May 2024

Crypto News

Hedera price jumps as COFRA Holding joins Hedera Governing Council

Hedera price jumps as COFRA Holding joins Hedera Governing Council

The Hedera Governing Council has today announced that COFRA Holding has joined the Governing Council.

As a member of the Hedera Governing Council, COFRA will work to create innovative, blockchain-based solutions on Hedera, primarily focusing on areas like supply chain transparency and tokenization. COFRA Holding is a family enterprise with interests in sectors including real estate investment, sustainable food, clean energy, fashion retail, private equity and asset management.

In a statement commenting about COFRA’s entry into the governing council, the Co-Chair of Hedera’s Membership Committee, Simon Olson, said:

“You won’t solve the world’s most intractable problems by working in isolation. It’s a coordination problem. In order to overcome problems like climate change and effectuate change on a global scale, you need to work with a wide cross-section of stakeholders. COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.”

The rise of the Hedera Network

Hedera is a leading, open-source, leaderless proof-of-stake network and it has processed more than 8 billion transactions so far.

The network has one of the highest real-world transactions per second (TPS) of any blockchain, which is the main driving factor behind the high number of transactions on the network.

A recent study by the University College London found that Hedera’s hashgraph proof of stake consensus algorithm is the most energy efficient, which makes it an ideal partner for climate-conscious businesses like COFRA.

Hedera price reaction

Although the Hedera (HBAR) price reacted mildly to the news, it could be the beginning of a reversal from the HBAR bear market that most technical indicators have been predicting.

HBAR jumped by about 2% following the news to hit a seven days high of $0.05351.

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