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Hedera Introduces New Toolkit Called Asset Tokenization Studio, HBAR Is Not Performing Enough
a leading proof-of-stake blockchain, has shifted its focus to asset tokenization and introduced a new open-source toolkit called “Asset Tokenization Studio,” which would include features “for the setup, issuance, and management of tokenized bonds and stocks on the Hedera network.”
According to the Asset Tokenization Studio website, the toolkit would allow users to implement tokenization functions in less time and with low risk, establishing Hedera’s dominance in the RWA sector. However, despite the debut of this new toolkit, Hedera’s native blockchain token, HBAR, has failed to print new highs amid a declining market.
HBAR is trading at $0.04977, down 0.56% over the past 24 hours and down 1.20% over the past seven days. The altcoin’s price has plummeted by 5.13% over the past month, followed by a 1.37% drop since September 2023.
“Studio allows users to keep track of the entire asset lifecycle, including asset ownership, compliance components such as KYC and whitelisting, document management, and notifications,” the website reads.
The protocol explained that users of the Studio will be able to trade tokenized bonds and securities and manage them securely on-chain, reducing the risks associated with off-chain management in the ERC-1400 standard, the unified standard for security tokens.
In a statementDr. Sabrina Tachdjian, Director of Fintech and Payments at the HBAR Foundation, said the goal of the new toolkit is to “empower issuers” so they can accelerate the development of their products on the blockchain network using Studio. Tachdjian believes the new toolkit will eventually lead to massive growth in adoption of the network.
“This initial launch is a starting point as Asset Tokenization Studio will grow to reflect demand for additional features, asset classes and jurisdictions,” Tachdjian added.
It is important to note that Studio will have two options for its users, the first is a WebUI for testing, followed by a second, a TypeScript SDK for deployment. These tools are licensed under the Apache 2.0 license and are publicly available on GitHub, confirming that they are open source services.
HBAR Price Analysis
Hedera (HBAR) has been underwhelming during the current market cycle and is down 91.27% from its all-time high of $0.5701. Over the past 24 hours, the digital asset hit a daily high of $0.05057 and then fell to a low of $0.04896. The altcoin is ranked as the 42nd largest cryptocurrency with a market cap of $1.84 billion.
Source: TradingView
According to the chart provided by TradingView, the Relative Strength Index (RSI) for HBAR’s price action is showing a value of 43.86, which means that the bears are in overall control of Hedera’s price action. However, the gradient of the line suggests that the prices are likely to rise in the near term.
Hedera Introduces New Toolkit Called Asset Tokenization Studio, HBAR Is Not Performing Enough
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