bitcoin
bitcoin

$98228.981348 USD

4.15%

ethereum
ethereum

$3492.248045 USD

2.37%

tether
tether

$0.999180 USD

0.04%

xrp
xrp

$2.299803 USD

2.22%

bnb
bnb

$704.238101 USD

1.72%

solana
solana

$199.748984 USD

4.38%

dogecoin
dogecoin

$0.333368 USD

3.14%

usd-coin
usd-coin

$1.000010 USD

-0.01%

cardano
cardano

$0.926994 USD

2.01%

tron
tron

$0.257391 USD

2.03%

avalanche
avalanche

$41.227215 USD

5.86%

chainlink
chainlink

$24.830015 USD

2.73%

toncoin
toncoin

$5.844047 USD

3.82%

shiba-inu
shiba-inu

$0.000023 USD

3.15%

sui
sui

$4.589245 USD

-1.83%

Cryptocurrency News Articles

Aberdeen Standard Investments Tokenizes Assets on Hedera, Boosting Network Capabilities

Apr 11, 2024 at 07:03 pm

The UK's largest active wealth manager, Abrdn, has tokenized its assets on Hedera Hashgraph, utilizing its distributed ledger technology (DLT). This initiative, in collaboration with Archax, represents a pioneering step in the tokenization of securities and highlights the growing adoption of digital asset tokenization within the financial sector. Additionally, EVM developers have introduced a new improvement proposal (HIP) to enhance Hedera Hashgraph's functionality by enabling allowance and approval for its native cryptocurrency, HBAR. These developments underscore the ongoing innovation and growing interest in the Hedera ecosystem.

Aberdeen Standard Investments Tokenizes Assets on Hedera, Boosting Network Capabilities

Aberdeen Standard Investments Tokenizes Assets on Hedera Hashgraph, Enhancing Hedera's Functionality

London, United Kingdom - April 11, 2024 - Aberdeen Standard Investments (Abrdn PLC), the United Kingdom's largest active wealth manager, has taken a groundbreaking step in the financial industry by tokenizing assets on Hedera Hashgraph, leveraging the network's distributed ledger technology (DLT). This move coincides with the release of a new improvement proposal (HIP) by EVM developers, further enhancing Hedera's capabilities.

Abrdn Embraces Asset Tokenization

In collaboration with Archax, a regulated digital asset exchange, Abrdn has tokenized its interests in the Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund on Archax's platform. By utilizing Hedera Hashgraph's DLT, of which Abrdn is a governing council member, Abrdn has become the first major UK asset manager to issue a tokenized security.

This pioneering initiative aligns with the UK Treasury's exploration of fund tokenization and the broader adoption of Web3 technologies. As the UK government continues to develop a framework for tokenized funds, Abrdn's move signals a significant step towards bridging the gap between traditional finance and the digital asset space.

Hedera Improvement Proposal Enhances Functionality

Concurrently with the asset tokenization developments, EVM developers have introduced a new HIP for the Hedera Hashgraph network, aiming to enhance its functionality. The proposal addresses a crucial gap in the Smart Contract service by introducing the ability to grant allowance and approval for HBARs, the network's native cryptocurrency.

This functionality, previously available only for tokens, will now extend to HBARs, streamlining hbar transfers between accounts and contracts. It provides significant benefits for developers, including improved developer experience, enhanced support for decentralized applications (DApps) such as DeFi and token marketplaces, and differentiation from other blockchain networks.

The HIP aligns with the HBAR Foundation's DeFi 2.0 strategy, which emphasizes innovation and accessibility within the decentralized finance ecosystem. It represents a crucial step in unlocking the full potential of smart contracts on Hedera and fostering the adoption of HBAR as a native cryptocurrency.

Hedera (HBAR) Price Dynamics

The price of HBAR has experienced fluctuations in recent months, reflecting the dynamic nature of the cryptocurrency market. While it has declined by 20.46% over the past month, trading at $0.1025, it remains 55% higher than its level during the same period last year.

Recent developments, such as Abrdn's tokenization of assets on Hedera and the introduction of the new HIP, have the potential to impact HBAR's price trend. Investors are expected to closely monitor these developments and the broader market dynamics for trading and investment opportunities.

Conclusion

Abrdn's tokenization of assets on Hedera Hashgraph and the release of the new improvement proposal represent significant advancements in the financial industry. These initiatives showcase Abra's innovative approach, underscore the transformative potential of blockchain technology, and pave the way for wider adoption of decentralized finance solutions. As Hedera and its ecosystem continue to evolve, investors and market observers will keenly follow these developments and their potential impact on the value of HBAR and the future of finance.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Dec 25, 2024