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The HBAR Foundation, along with Archax, a digital asset exchange, shared collaborative strategies to amplify their partnership further on Tuesday. The additional broadening of the partnership now embarks upon amalgamating support for HBAR staking. Moreover, the collaboration also sets its sights on backing further tokenization projects.
HBAR, the native cryptocurrency of the Hedera network, appears to be portraying an upward movement following the extension of the partnership. The announcement of an extended collaboration, accompanied by HBAR’s price surge, fueled speculations within the broader crypto market.
Partnership Now Facilitates Staking & RWA Tokenization
Broadening its crypto offerings, Archax further amalgamates support for the Hedera network and the Hedera Token Services (HTS) into its products and services. This comes after the recent integration of HBAR in the exchange’s crypto spot market.
Furthermore, as a result of this partnership, Archax now backs up staking for Hedera (HBAR) alongside trading and custody.
Archax, the institutional-grade crypto custody service that launched this year, is also a merger with the BCW Group, a Web3 enterprise. Intriguingly, in collaboration with the Web3 firm, Archax empowers users holding HBAR in custody to earn passive incomes through staking.
Moreover, the Hedera network plays a crucial role in Archax’s tokenization ventures, bolstering it with the help of TOKO, Hedera’s tokenization engine. Launched this year, the engine pivots in tokenizing interests in the abrdn $multi-billion market fund, available in USD, GBP, and EUR within the Archax ecosystem.
Furthermore, Graham Rodford, CEO and Co-founder of Archax, stated that as an FCA-registered platform, the firm prioritizes credible technologies. Integrating support for Hedera’s network enhances the firm’s capabilities, and abrdn, a significant Hedera Governing Council member, being the most prominent external shareholder, further strengthens this partnership.
Also read: Bitcoin Whale Accumulation Rises Ahead Of US CPI Data
HBAR Price Soars Amid The Announcement
As of writing, the HBAR price noted a surge of 3.06%, reaching $0.07386. Moreover, the weekly upswing recorded by the token equals 14.35%, accompanied by a monthly upsurge of 18.36%.
What’s intriguing is the sudden jump recorded by the token today, which comes after the announcement mentioned above. Crypto market enthusiasts appear to be eyeing the token extensively as it noted a surge following the announcement.
Also read: Wall Street Sees US CPI Inflation Easing To 3.1%, Bitcoin And Crypto Market To Rebound?
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