Hedera Hashgraph has announced a venture fund of $250 million in native HBAR tokens set for metaverse grants and network development.
The fund is centered on business-to-business and business-to-consumer projects around virtual goods, consumer brands, sports and fan engagement, and enterprise metaverse.
The first grant from the find was allocated for Sayl, a firm that enables enterprises to use non-fungible tokens in collaboration with over 300 companies.
The announcement follows another fund of $155 million that HBAR launched recently called the Crypto Economy Fund towards decentralized finance.
The vice president of the HBAR Foundation, Alex Russman, terms metaverse as a gateway for new users going into Web 3, saying that enterprises were moving into the space.
Hedera has unveiled a Governance Council to manage the blockchain‘s operations and strategy with 39 companies, including Ubisoft.