Hedera’s HBAR Foundation Launches $100M Sustainable Impact Fund

The fund will target projects that focus on sustainable development, such as carbon offsets.

By Sam Reynolds

Mar 10, 2022 at 2:00 p.m. UTC

Updated Mar 10, 2022 at 3:21 p.m. UTC

Tree and forest at Sequoia National Park in California (Getty Images) — Tree and forest at Sequoia National Park, California, USA.

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Sam Reynolds

Follow @thesamreynolds on Twitter

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sam Reynolds

Follow @thesamreynolds on Twitter

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Sam Reynolds

Follow @thesamreynolds on Twitter