NoviqTech (ASX: NVQ) has deepened its commitment to the Hedera ecosystem with the outlay of an additional $100,000 on its HBAR tokens, taking the company’s total investment to date to $250,000.
HBAR tokens are the native cryptocurrency of the Hedera platform and are used to process and secure transactions on the network, as well as to vote on significant decisions within the platform.
NoviqTech now owns approximately 1.8 million tokens valued at close to $834,043.
NoviqTech says its commitment to the Hedera ecosystem and the power of blockchain technology is part of its strategy to become a global leader using blockchain applications in ESG compliance, supply chain traceability and reporting.
Chief executive officer Freddy El Turk says the growing partnership with the Hedera Foundation continues to anchor the company’s strategy.
“Blockchain technology is revolutionising the way we think about transparency and trust,” he said.
“Hedera is leading this charge and our growing investment reflects not just confidence in their platform but a shared commitment to building scalable, impactful solutions for the modern world
NoviqTech received firm commitments of $1,050,000, attracting interest from some of the world’s most respected industry professionals in the blockchain and cryptocurrency sectors, in a strategic placement in mid-November.
The transaction will help accelerate the company’s development of blockchain-powered solutions.
Mr El Turk said strategic funding supports NoviqTech’s pursuit of industry leadership in blockchain innovation and sustainable, transformative technology in collaboration with new partners.
Starting in January, NoviqTech will commence the development of the NoviqAI beta version that will focus on supply chain track-and-trace and a bridge to carbon central.
“NoviqAI is designed to provide end-to-end transparency, traceability and sustainability while integrating advanced project management, carbon tokenisation, guarantee of origin and digital twins,” Mr El Turk said.
“[This] enables industries to streamline their processes and make informed decisions that positively impact their business and the environment.”
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