Hedera price jumps as COFRA Holding joins Hedera Governing Council

Hedera price jumps as COFRA Holding joins Hedera Governing Council

By Charles Thuo - min read

The Hedera Governing Council has today announced that COFRA Holding has joined the Governing Council.

As a member of the Hedera Governing Council, COFRA will work to create innovative, blockchain-based solutions on Hedera, primarily focusing on areas like supply chain transparency and tokenization. COFRA Holding is a family enterprise with interests in sectors including real estate investment, sustainable food, clean energy, fashion retail, private equity and asset management.

In a statement commenting about COFRA’s entry into the governing council, the Co-Chair of Hedera’s Membership Committee, Simon Olson, said:

“You won’t solve the world’s most intractable problems by working in isolation. It’s a coordination problem. In order to overcome problems like climate change and effectuate change on a global scale, you need to work with a wide cross-section of stakeholders. COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.”

The rise of the Hedera Network

Hedera is a leading, open-source, leaderless proof-of-stake network and it has processed more than 8 billion transactions so far.

The network has one of the highest real-world transactions per second (TPS) of any blockchain, which is the main driving factor behind the high number of transactions on the network.

A recent study by the University College London found that Hedera’s hashgraph proof of stake consensus algorithm is the most energy efficient, which makes it an ideal partner for climate-conscious businesses like COFRA.

Hedera price reaction

Although the Hedera (HBAR) price reacted mildly to the news, it could be the beginning of a reversal from the HBAR bear market that most technical indicators have been predicting.

HBAR jumped by about 2% following the news to hit a seven days high of $0.05351.