Hedera Joins UK Cryptoasset Business Council, Boosting Blockchain Innovation and Regulation

Hedera (HBAR) has joined the UK Cryptoasset Business Council (UKCBC), an influential platform fostering innovation and growth within the UK's crypto industry. As part of the council, Hedera will collaborate with industry leaders like Ripple, Coinbase, and Uniswap Labs to shape regulatory frameworks and advance decentralized technologies in the region. The announcement has led to a positive market response, with HBAR's price rising by 6%.

Hedera Joins UK Cryptoasset Business Council, Advancing Blockchain Innovation and Regulation in the United Kingdom

Hedera (HBAR), the leading enterprise blockchain platform, has announced its official membership in the UK Cryptoasset Business Council (UKCBC). This esteemed organization brings together the blockchain industry's leading entities, including Ripple, Coinbase, Archax, and Uniswap Labs, to foster innovation, collaboration, and responsible regulation within the UK's burgeoning crypto sector.

As a member of the UKCBC, Hedera joins a visionary group dedicated to promoting Web3 innovation and growth in the United Kingdom. The council provides a vital platform for supporting crypto users, investors, and businesses by fostering best practices, advocating for informed policy decisions, and promoting consumer protection.

Hedera's membership in the UKCBC aligns with its unwavering commitment to advancing decentralized technologies and establishing clear regulatory frameworks. The company believes that collaboration and dialogue among industry leaders are essential for shaping the future of the crypto ecosystem in a responsible and sustainable manner.

"We are thrilled to join the UK Cryptoasset Business Council and contribute our expertise to the development of the UK's crypto industry," said Mance Harmon, CEO of Hedera. "Hedera is committed to driving innovation, promoting transparency, and working closely with regulators to foster a thriving ecosystem where businesses and consumers can confidently engage with blockchain technologies."

The UKCBC's influential role in shaping crypto regulation and promoting industry trust is evident in its membership, which includes prominent players across the crypto ecosystem, such as Moonpay, Kraken, and Chainalysis. Through active participation in the council, Hedera aims to contribute to the council's mission of establishing clear regulatory frameworks, nurturing innovation, and establishing trust within the industry.

Market Response and HBAR Performance

Following Hedera's announcement of its membership in the UKCBC, the cryptocurrency market reacted positively. HBAR, the native token of the Hedera network, experienced a 6% surge in price, rising to $0.111. This price movement came after a 12% decline in the previous week, but it represented a modest 7% increase over the past 30 days.

At the time of writing, HBAR's market capitalization stood at $3.7 billion, indicating a strong market presence. However, the 24-hour trading volume witnessed a 30.74% decrease, according to data from Coinmarketcap.

The reduction in trading activity could be interpreted in various ways. Some investors may view it as a sign of confidence in the project, preferring to hold their investments rather than sell. Alternatively, it could indicate a temporary decline in investor interest.

Overall, Hedera's membership in the UKCBC is a significant step in its mission to advance blockchain technology in the UK. The company's commitment to fostering innovation, collaboration, and responsible regulation is expected to positively impact the development of the UK's crypto ecosystem and benefit the broader blockchain industry.