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.
- HBAR was trading at around 20 cents and has a market cap of just over $4 billion.
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