The partnership of the Hashgraph Association with Taurus comes at a time when digital assets are booming in Europe, Asia, and the Middle East, and Africa.
The Hashgraph Association has taken a huge step forward towards achieving its broader aims and objectives, particularly for Hedera’s HBAR cryptocurrency HBAR $0.17 24h volatility: 2.9% Market cap: $7.07 B Vol. 24h: $243.67 M . This follows the recent partnership deal between the nonprofit organization and digital asset infrastructure provider Taurus. While the organization has been developing some ecosystems using Hedera Hashgraph’s decentralized ledger technology (DLT), it now hopes to do more with its latest collaboration.
A major focus for the partner would be to enable secure custody, staking, and tokenization of the Hedera (HBAR) cryptocurrency. However, the partnership will also seek to do the same for other assets so that financial institutions and businesses across the globe can easily access its ecosystem.
Hedera Eyes Global Expansion as It Seeks to Push HBAR across Borders
Interestingly, the partnership of the Hashgraph Association with Taurus comes at a time when digital assets are booming in Europe, Asia, the Middle East, and Africa. So Hedera might be seeking to take advantage of this period to push its global expansion ambitions.
In a post by Cointelegraph, the president of the Hashgraph Association, Kamal Youssefi was quoted as corroborating this view. He, however, also mentioned the clear regulatory guidelines in some of these regions, may have been the encouragement behind Hedera’s push into these markets. Part of his statement reads:
“Europe has taken the lead on this with MiCA providing clear guidelines for digital assets in the region — eliminating any regulatory uncertainty that can come with markets like the US.”
According to Youssefi, spreading deeply into these regions will give investors more confidence to engage with the Hedera ecosystem. That is because many of these places either have their regulatory frameworks established or are extremely close to doing so.
Issues Remain
Meanwhile, despite the prospects of this new partnership, the tokenization of real-world assets (RWAs) continues to pose a major challenge. However, Youssefi and the Hedera team are not oblivious to the fact. Particularly, in terms of the ownership and legal protection risks that come with tokenizing RWAs.
These technical challenges do not just pose a threat to Hedera but any distributed ledger technology (DLT) or blockchain. Youssefi has said that the team will make it a priority to manage risk for investors and develop frameworks that will make tokenization seamless.
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