HBAR Foundation launches $100M climate-focused impact fund, declaring DOVU as inaugural grantee
The HBAR Foundation, a philanthropic and independent subsidiary of distributed ledger firm Hedera Hashgraph, has announced the launch of the environmentally-conscious Sustainable Impact Fund, SIF, conceived to foster the development of climate-conscious solutions within the Hedera ecosystem.
The first recipient, a Welsh blockchain company called DOVU, will be granted $100 million to pursue their open-source Guardian technology to develop publicly transparent mechanisms, such as their audit trail, to verify carbon-offsetting data.
A supporter of the Crypto Climate Accord, Dovu's carbon-centric market capitalization platform aggregates an abundance of real-time quantitative data on all Ethereum-based projects, tracking and openly publishing their carbon debt based upon transaction output, and suggesting tokenomic negation measures through investment in Dovu's native asset, DOV.
Stablecoins Tether (USDT) and USD Coin (USDC) currently occupy the top two spots with a cost-to-offset valuation of $64,514,997 and $11,361,957, respectively, while Wrapped Ethereum (WETH) makes up third position with $2,722,699.
Dovu works with rural agricultural communities across the world to determine and report on carbon concentration levels in the soil, cultivating a circular economic model in which farmers are incentivized to extract the element from the atmosphere and return it underground for the access of selling carbon-credits on the marketplace.
The HBAR Foundation was established in mid-September last year following a successful Hedera Governing Council vote two months prior. Members of the council voted for an initial allocation of 5.35 billion HBAR into the token treasury — valued at $2.5 billion at the time, and just over $1.1 billion as
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