Here’s why Hedera Hashgraph (HBAR) price just popped

Hedera Hashgraph (HBAR) price jumped by more than 10% on Tuesday even as the cryptocurrency industry remained under pressure. The token surged to a high of $0.076, its highest point since January 18th of this year.

HBAR token jumped after Hashgraph made a big Saudi Arabia news. It announced the launch of DeepTech Venture Studio that will be housed in Riyadh, Saudi’s capital city. This new launch is part of a five-year plan valued at $250 million. 

The goal of DeepTech Ventures will be part of Saudi Arabia’s goal of attracting international companies as it diversifies its income from oil. In this case, the studio will aim to develop solutions in industries like AI and quantum computing.

This announcement comes at a time when Hedera Hashgraph is seeing strong growth. A few weeks ago, the developers announced the addition of Hitachi as part of the governance council. This was a major event since Hitachi is one of the biggest companies globally.

Hedera also added Australia Payments Plus (AP+) into the council. This was an important move because AP+ is a major player in the payments industry, where it connects over 150 banking institutions. It processes billions of transactions every year. These companies joined other popular firms like Google, IBM, ServiceNow, and LG as part of Hedera’s governance group.

Hedera is also working on new initiatives to boost its ecosystem and growth. For example, it launched Stablecoin Studio, a suite that gives developers all products they need to launch and run their stablecoins.

Hedera has also entered into the tokenization industry, which is expected to see robust growth. Abrdn, one of the biggest asset managers in the UK, is using its platform to build its tokenized solutions.