- Hedera has secured a pivotal alliance with the UK Cryptoasset Business Council (UKCBC).
- Other crypto firms that have joined UKCBC include Ripple and Coinbase
- Crypto market participants anticipate a potential positive impact on the HBAR token.
Hedera, the team behind the HBAR token, has secured a pivotal alliance that could positively impact its native asset. In a recent post on X, the Hedera team announced joining the UK Cryptoasset Business Council (UKCBC).
Hedera expressed excitement about officially joining UKCBC, considering the roster of prominent crypto-based tech firms that have previously joined the council. This includes crypto payment firm Ripple, U.S.-based exchange Coinbase, DEX platform Uniswap (UNI), and institutional crypto platform Archax.
Notably, the UK Cryptoasset Business Council is dedicated to advancing the UK’s crypto ecosystem, focusing on supporting users, investors, and businesses. Its mission includes encouraging innovation, ensuring consumer protection, and promoting growth through well-crafted policies.
The announcement of Hedera entering UKCBC has attracted significant attention in the crypto community. Crypto market participants congratulate Hedera on the feat and anticipate the potential impact on the HBAR token.
Meanwhile, HBAR is yet to record positive gains following this announcement. In the last 24 hours, HBAR is down 4.15%, mirroring the broader market downturn influenced by Bitcoin. The asset has also crashed by over 6.4% since last, putting its price at $0.1079.
While it currently battles bearish forces, the asset has been a notable performer in this emerging bull market. As of last November, it traded as low as $0.06. It has since grown by 123% to reach a yearly peak price of $0.1339. At $0.1079, the asset remains 80% below its 2021 all-time high of $0.5701.
Significantly, Hedera is a preeminent, sustainable, enterprise-level public network catering to the decentralized economy. It offers an efficient system that overcomes the limitations of older blockchain-based platforms, such as slow performance and instability.
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