HBAR Secures Key Partnerships with PYTH Network and Digital Euro Association

Hedera has continued its spree of big-note partnerships after announcing collaborations with the PYTH Network and the Digital Euro Association (DEA) over the past couple of days. Hedera (HBAR) is a promising blockchain project that uses a unique consensus mechanism to facilitate creating and hosting powerful decentralised applications. The exciting news further deepens the application of Hedera’s network for businesses and developers aiming to leverage the blockchain’s utility.

Price Oracle Integration Will Improve Hedera’s Financial dApps

Hedera’s addition of Pyth Network to its suite of developer tools will significantly enhance the way dApp creators can interact with the blockchain. Pyth Network is, at its core, an oracle network that communicates real-time price data to distributed ledgers in a secure, tamper-free way. So thanks to this collaboration, developers on Hedera will now have access to live price information for a slew of markets – think ForEx, crypto, NFTs and so on. Interestingly, Pyth Network was also the first blockchain oracle to integrate live price feeds from the recently approved Bitcoin ETFs. 

Grace Pfluger, Director of Business Development in HBAR, was excited with the partnership’s potential:

[Oracle price feeds] infrastructure is a huge milestone to spur development of innovative financial instruments on Hedera.

Grace Pfluger

Up north, the Digital Euro Association (DEA) similarly announced a compelling partnership with HBAR, this time focussing on the development of stablecoins. Specifically, the DEA are researching and hoping to eventually implement central bank digital currency (CDBC) initiatives – aka government-backed crypto – as a way to minimise fees and improve international settlement.

In a press release, HBAR Foundation’s CEO said:

Joining the Digital Euro Association aligns with our commitment to fostering a sustainable and innovative digital future…We’re eager to collaborate with the DEA and contribute to the advancement of digital currencies.

Shayne Higdon

The spate of new partnerships came as several scammers in the industry attempted to trick people into believing Hedera was performing airdrops. The company’s X account was quick to dispel these rumours, warning the community to stay away.