Cryptocurrencies, blockchain, NFT and new trends

HBAR Crypto News: Mastercard-Backed DApp Migrates To Hedera

HBAR Crypto News: 2023 has turned out to be a productive year for the Hedera (HBAR) network as it has been making several technical advances in the crypto space. Although, the collapse of the FTX exchange left a gruesome aftermath in the broader crypto market, the HBAR ecosystem has been driving the development and introduction of new products built upon its Hashgraph technology.

Mastercard Provenance User Migrates To Hedera

On Thursday afternoon, Hedera’s development arm, HBAR Foundation, announced the migration of Fresh Supply Co (FSCO) — the largest user of Mastercard Provenance and a partner of Commonwealth Bank — from Mastercard’s private blockchain to the public Hedera network. The provenance solution by Mastercard leverages blockchain technology with traceability capabilities and value-added services “to achieve transparency and gain efficiencies in complex supply chain management”.

Read More: Big Short Michael Burry Hints At Market Rally? Claims He Was “Wrong”

As a part of this initial integration, FSCO is moving all of its existing operations onto Hedera, utilizing both the Hedera Consensus Service (HCS) and the Hedera Token Service. In the coming months, the FSCO intends to integrate with the Hedera Guardian service in order to collaborate with state organizations as well.  Guardian is a scalable, decentralized, and open-source solution that incorporates industry-leading identity management and distributed ledger technology (DLT) library components.

Hedera’s Growing Ecosystem

Renq Finance Presale – A Unified DeFi Platform

Here’s Why Conflux Price Recovery Set for Another 20% Rise; Enter Now?24/7 Cryptocurrency News Top 3 Gaming Crypto Coins To Boost Profitability In April 202324/7 Cryptocurrency News ADA Price Prediction: Cardano Price Cooks Up Potential Breakout and 9% Rally for this Week24/7 Cryptocurrency News BTC Price Prediction: Bitcoin Price Potential Breakout $28500 Hints a 12% Rally Ahead24/7 Cryptocurrency News XRP Price Prediction: XRP Price Poised For Further Recovery As it Triggers a Ten-Month-Long Bullish Pattern24/7 Cryptocurrency News Join Presale Ad

FSCO chose to use Hedera for three reasons viz. the Governing Council’s maturity, the capability of low & fixed expenses, and the ecosystem’s objective of establishing ESG reporting as a legitimate practice applicable to all industries. While speaking about the new development, David Inderias, CEO of Fresh Supply Co, was quoted as saying:

Recently, another major decentralized application (Dapp) transitioned from the Ethereum blockchain to the Hedera network. As previously reported on CoinGape, a music-focused NFT app called Mynt migrated its operations to Hedera earlier this month. In light of this HBAR crypto news, the Hedera community and the larger crypto market have responded favorably to the announcement, and market participants are of the opinion that this might eventually result in a bullish scenario for the HBAR token.

As things currently stand, the price of HBAR is exchanging hands at $0.06453, which represents a gain of 0.42% over the past one hour in contrast to a drop of 0.46% recorded over the previous 24 hours. At the time of writing, HBAR sits at a staggering market cap of $1.94 billion.