Crypto News

Just-In: Hedera Announces 182-Year Old Company As New Council Member

According to recent HBAR's crypto news, the Hedera network has reportedly added a new organization to its growing list of Governing Council members.

Published by

Coingapestaff

Updated 19 May, 2025 | 05:44:50 AM UTC

Just-In: Hedera Announces 182-Year Old Company As New Council Member

HBAR Crypto News: The Hedera Governing Council, which is in charge of the open-source Hedera proof-of-stake public network, announced their newest Governing Council member today. Bringing the total number of council members up to 30, COFRA is a 182-year-old family business that employs over 60,000 people worldwide.

Hedera’s New Governing Council Member

COFRA, which predominantly caters to the end user, has joined the Governing Council of Hedera (HBAR) and intends to create cutting-edge blockchain-based solutions on Hedera — initially focused on tokenization and bringing transparency in their supply chain process. The organization will supposedly make use of Hedera’s proprietary Token Service (HTC) to issue or tokenized real-world assets.

While speaking about the new development, the Co-Chair of Hedera’s Membership Committee, Simon Olson, was quoted as saying:

COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.

Hedera’s Growing Ecosystem

Lately, several projects and businesses across multiple sectors have joined the Hedera network. These projects utilize Hedera’s core services, such as the Hedera Token Service (HTS) and the Hedera Smart Contract Service (HSCS) to eliminate the need for intermediaries and achieve lower transaction fees. As already, the Hedera Governing Council includes representatives from a number of illustrious companies, including IBM, Dell, LG, Boeing, and a number of others.

With these recent developments as well as Dell’s recent inclusion in the 30-member body, market players speculate that the price of HBAR could dramatically increase if the broader crypto market turns bullish. In response to this latest HBAR crypto news, Hedera is currently trading at $0.0527, which represents a gain of 0.11% over the past 1 hour compared to a drop of 0.87% over the last 24 hours.

Also Read: China Issues Warning & Guidelines Against Use Of NFTs

Coingapestaff

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Published by

Coingapestaff

Updated 19 May, 2025 | 05:44:50 AM

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