Hedera Hashgraph Unveils $250M Fund for Metaverse Applications

Metaverse Applications

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.

Source: Blockworks

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