‘Blockchain Alternative’ Hedera Skyrockets Over 200% on Google Cloud News

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Source: iStock/JasonDoiy

, deemed as a blockchain alternative, has surged in the market over the past couple of days after news came out that the blockchain platform is working with Google Cloud, a suite of cloud computing services, in several areas.

As of pixel time on Thursday (11:00 UTC), HBAR had secured the spot as the 40th most valuable cryptoasset by market capitalization, after posting gains of more than 73% over the past 24 hours and 222% over the past 7 days. The price is up 560% in a month. On average, the token was trading at USD 0.072, although relatively large price differences could be found across exchanges.

HBAR entered the market in September 2019 with a price of c. USD 0.096 and tumbled to USD 0.029 a few days later.

HBAR price chart:

Source: coinpaprika.com

The new partnership involving the public distributed LEDGER platform for corporations was announced in a blog post by Google Cloud on Tuesday, saying Hedera has selected Google Cloud as its “preferred cloud provider,” both for its public testnets and the larger Hedera ecosystem.

More significant, however, is that fact that Google will become a member of the Hedera Governing Council, which according to the announcement “leads strategic planning for the Hedera network and works to ensure the stability and reliability of network protocols and operations.”

Further, the announcement – written by developer advocate Allen Day at Google Cloud – said that Google Cloud will set up and run its own Hedera network node:

“As part of our council membership, Google Cloud will operate a Hedera network node, and make the ledger data available for analytics alongside GCP's [Google Cloud Platform] other public DLT datasets, bolstering GCP's position as the cloud provider of choice for DLT networks and decentralized applications.”

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