After Hedera Hashgraph announced that Google Cloud would be joining its governing council on Tuesday, the price of the network’s native token HBAR rose above 5 cents for the first time since the network’s launch and above 2 cents for the first time in a month.

As part of the body of advisors who oversee software changes for the network and ensure the hashgraph’s decentralization, Google Cloud will run a node and make hashgraph analytics available alongside Google’s other public DLT datasets, Google Cloud developer advocate Allen Day wrote in a blog post. It’s the eleventh member of the council, and joins the likes of IBM, Tata Communications and Nomura Holdings.

However, HBAR holders seem to have been reacting to headlines; the cloud services subsidiary has no plans to further invest in the Hedera network.

Google’s Day told CoinDesk via email that it was “too early to say” what resources the company would provide or what analytics it would make available.  (On Wednesday, when Day sent the statement to CoinDesk, HBAR peaked at nearly 7 cents; the token dipped to 5 cents as of press time).

“We’re not providing material financial support, purchasing Hedera coins,…

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Author: Nathan DiCamillo


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