Hedera's HBAR Token Surges 27% Following Partnership with IBM

Hedera's HBAR token surged 27.3% in 24 hours to $0.1217, outperforming the wider market, which saw Bitcoin drop 1.8% and Ether fall 1.2%. The price jump followed a corporate announcement on September 23 that Switzerland's Hashgraph Group had partnered with IBM to add its IDTrust platform to the IBM Cloud Catalog.

The partnership marks the first commercial Hedera-based enterprise application available as a software subscription through a major cloud marketplace, according to the company. IDTrust uses decentralised identifiers and verifiable credentials to enable self-sovereign identity, which is being aligned with the European eIDAS 2.0 framework.

Hedera's proof-of-stake consensus mechanism relies on HBAR tokens for network security, with nodes influencing consensus based on their staked token balances. The network generates transactions when credentials are anchored to the ledger via IDTrust, which costs fees in HBAR tokens.