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HBAR Crypto News: In the grisly aftermath caused by the failure of the FTX exchange, the cryptocurrency market has since plummeted to levels not seen since the bear market of 2018. However, this has not slowed down the expansion of the Hedera (HBAR) ecosystem, as it continues to march towards creating and launching new products on top of its proprietary Hashgraph technology.
Hedera to Help Bank the Bankless
On Tuesday, Hedera’s development arm, HBAR Foundation, announced the launch of the WiCoin Settlement Network, the Caribbean’s first multi-territory settlement network, on the Hedera mainnet. This launch is an important step for Hedera as it strives to provide financial inclusion in Caribbean and African nations where traditional banking services are inaccessible to the majority of the population.
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The WiCoin Settlement Network, which is developed by WiPay, is a network that directly connects islands by using a single wallet that manages their national currencies. The WiCoin which acts as the stablecoin for the larger settlement network is built on top of the Hedera Token Service (HTS) and makes use of the Hedera Smart Contract Service (HSCS) to eliminate the need for intermediaries and corresponding banks. This in turn helps in reducing the time and expense required for international financial dealings.
Hedera will make use of the 50,000 websites and point-of-sale terminals that the WiPay network is currently connected to, in order to make it possible for individuals and businesses to transfer and make payments in a secure manner — at a fraction of the cost and time it currently takes.
In response to the latest announcement, Pete Mensah, the Head of Payments at the HBAR Foundation, was quoted as saying:
Through the expertise of the WiPay team and the power of the Hedera network, we are actively resolving these issues. We greatly look forward to continuing our work with in these regions.
HBAR Crypto’s Price Potential
These recent developments have led many to believe that Hedera could be among the top-performing crypto projects as HBAR garners massive exposure from millions of users globally with the launch of WiPay. If the cryptocurrency market turns ultra-bullish, it may not be long until it surpasses the $0.5 milestone, but it first needs to surpass the $0.1 threshold.
Additionally, as summarised by the moving averages, HBAR’s technical analysis (TA) indicators at CoinGape’s price tracker show a sell position, recommending a “sell” at level 11 and a “buy” at level 3. In response to this latest HBAR crypto news, the price of Hedera is currently trading at $0.070, which represents a drop of 0.75% over the last day compared to a loss of 15.55% over the past seven days.
Also Read: New AI Product Sparks Optimism For Hedera; Is HBAR Price Eyeing $1?
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