Hedera (HBAR) joins the UK Cryptoasset Business Council, boosting its presence in the UK’s crypto scene alongside Ripple and Coinbase.

The move aims to drive innovation and advance decentralized tech adoption in the UK, fostering growth and collaboration.

Hedera (HBAR) recently announced its participation in the UK Cryptoasset Business Council (UKCBC) on X, demonstrating its dedication to expanding the crypto ecosystem. By partnering with industry titans like Ripple and Coinbase, this strategic integration highlights Hedera’s commitment to promoting innovation and development within the UK’s emerging cryptocurrency ecosystem.

We are excited to announced that #Hedera has officially joined the UK Cryptoasset Business Council (UKCBC), joining the likes of @ArchaxEx, @coinbase, @Ripple, @Uniswap Labs, and other leading institutions to foster #web3 innovation and growth in the UK.https://t.co/xr4KnKLjWV pic.twitter.com/7nocj7UXXR

— Hedera (@hedera) March 21, 2024

 

With its admission into the UKCBC, Hedera now stands alongside major participants in the Web3 area, which is a major milestone for the platform. With this partnership, Hedera hopes to support the UK’s joint efforts to spur innovation and encourage the uptake of decentralized technology. This move, in particular, strengthens Hedera’s position and demonstrates its dedication to joint efforts to provide transparent regulatory frameworks for the cryptocurrency sector.

The UK Cryptoasset Business Council (UKCBC) serves as a vital platform within the UK’s crypto ecosystem, focusing on supporting users, investors, and businesses while advocating for innovation and consumer protection through informed policy decisions. With a diverse membership base that includes industry heavyweights like Moonpay, Kraken, and Chainalysis, the council plays a pivotal role in shaping the future of crypto regulation and fostering trust within the industry.

Hedera Price (HBAR) Analysis

Following the announcement of its partnership with UKCBC, Hedera witnessed a notable uptick in market activity. The dollar value of HBAR experienced a 6% increase, reaching $0.111, marking a significant recovery from a previous 2% dip. Despite the impressive surge in Bitcoin’s value over the last 30 days, HBAR maintained its momentum with a 7% growth.

With HBAR’s market value soaring to $3.6 billion and trading volume slightly decreasing to $54 million in the last 24 hours, investors are closely monitoring the implications of this strategic partnership. The slight decline in trading volume has sparked speculation among investors, with some attributing it to a growing preference for asset storage over trading, possibly fueled by increased trust in Hedera or heightened interest in the company.

The UK’s endorsement of Hedera Hashgraph marks a significant step towards mainstream adoption and regulatory recognition within the cryptocurrency sphere. As the partnership between HBAR and UKCBC evolves, stakeholders eagerly anticipate its strategic implications for HBAR’s long-term positioning and growth trajectory.

Hedera Hashgraph Announces Mainnet Upgrade

In a parallel development, Hedera Hashgraph (HBAR) has set the stage for a significant milestone in its network’s evolution with the upcoming upgrade to version 0.47 of its mainnet. Scheduled for March 27th at 17:00 UTC, this upgrade marks a crucial step in enhancing the platform’s capabilities and performance.

Scheduled (Mar 27, 2024, 17:00 UTC): Hedera will be upgrading Hedera mainnet to v0.47 on Wednesday, March 27th 2024 at 17:00 UTC. The upgrade will take approximately 60 minutes to complete, users should expect some disruption to netwo… https://t.co/XlBzQhwjob

— Hedera Status (@hashgraph) March 21, 2024

 

The upgrade process is slated to commence promptly at 17:00 UTC on March 27th and is expected to last approximately 60 minutes. During this time, users and stakeholders can anticipate temporary disruptions in network accessibility and transaction processing as the upgrade is implemented.

Version 0.47 of Hedera’s mainnet promises many enhancements and features to improve the platform’s functionality and user experience. While Hedera has not disclosed specific details regarding the upgrade’s technical aspects, stakeholders can expect performance, security, and overall network efficiency improvements.

 

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Filed under: Bitcoin - @ March 23, 2024 11:26 am