HBAR Foundation launches new fund to support Hedera-based privacy-preserving solutions

The HBAR Foundation, an organisation focused on supporting the development of the Hedera ecosystem through grants to projects, has announced the launch of a new fund aimed at furthering privacy solutions in the Hedera Hashgraph ecosystem.

The Privacy Market Development Fund, announced Thursday, will seek to provide developer teams in their quest to launch privacy-preserving technologies on the platform. The HBAR Foundation did not disclose how much the money had been allocated to the “partner managed fund.”

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However, it is expected the fund will be crucial in powering Hedera-based privacy solutions as part of the industry’s Web3 landscape.

A ‘common technological framework’

Acoer, a leading technology firm and developer of real-time blockchain-based software, will manage the fund.

Shayne Higdon, co-founder and CEO of the HBAR Foundation, noted in a press statement:

The need for privacy-preserving technology on the internet has become critical in the past decade, and development in the next decade will prove crucial to providing these technologies. The launch of the Privacy Market Development Fund is aimed at helping accelerate this development and providing both developers and regulators with a common technological framework from which to work.”

The privacy-preserving technologies are crucial as part of delivering consumer rights protections, with accountability a core aspect of regulatory requirements.

The Privacy Market Development Fund will thus play a huge role in supporting distributed-ledger technology (DLT) based privacy solutions that align with the law. 

This includes offering protections as envisaged in the European Union (EU)’s General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act (CCPA).

Hedera (HBAR), the 39th largest cryptocurrency with a market cap of $3.8 billion, was trading at $0.19 on Thursday. The HBAR/USD pair was down 2.7% in the past 24 hours. The cryptocurrency touched an all-time high of $0.57 in September 2021.