HBAR Foundation commits $250M to drawing metaverse apps to Hedera

Hedera Hashgraph is putting its focus on the metaverse after its latest venture fund will put $250 million in HBAR tokens toward its development, the company stated on Thursday.

Earlier, the HBAR Foundation already announced a $155 million "Crypto Economy Fund" focused on decentralized finance (DeFi).

Hedera hopes to bring users into Web3 and its ecosystem and thus targets business-to-consumer and business-to-business-to-consumer projects with its metaverse fund.

The press release states that the metaverse fund targets "gaming and virtual worlds, consumer brands and collectibles, sports and fan engagement and enterprise metaverse".

Hedera is best known for its blockchain-esque distributed ledger technology, which was recently upgraded to being EVM-compatible.

"We see this whole metaverse area as a bit of a catch-all for the apps bringing new users into Web3", Alex Russman, a vice president at the HBAR Foundation said in an interview.