Richardson’s telecom corridor is seeing continued growth with addition of Hedera Hashgraph’s newest global headquarters. The distributed ledger technology company has leased over 11,000 square feet at 3400 at CityLine and has plans to be operating by fall 2019.
Hedera’s lease at 3400 at CityLine was inked in conjunction with council member Swirlds. The Richardson location will be Hedera’s global headquarters, joining other offices in New York City and San Francisco.
“Richardson, as the high-tech hub of Texas, a major international business gateway and home to The University of Texas at Dallas, offered us the optimal location, connectivity and intellectual capital needed for Hedera Hashgraph to thrive,” Mance Harmon, Hedera’s co-founder and CEO, said in a statement, in part.
The 3400 at CityLine building’s digital features—rapid internet speed and secure telecom rooms—have won the building the title of the first Wired Certified ground-up development in Texas, resulting in an influx of telecom companies. There, Hedera is joining the likes of DXC Technology Co., AT&T Service’s advertising analytics group, Xander, and Generational Equity.
Hedera told Dallas Innovates via email: “The building’s location within a tech corridor as well as its close proximity to green space and amenities including restaurants, grocery stores, etc. are things that appeal to Hedera’s culture and support its growth.”
The headquarter’s office build-out will be spearheaded by architect Corgan. No details regarding the office’s build-out were available at the time of publication.
Bill Sproull, the president and CEO of Richardson Economic Development Partnership, says Hedera Hashgraph’s selection speaks volumes about Richardson serving as a catalyst for corporate development.
“This further burnishes the Telecom Corridor area’s long-standing reputation as a launchpad for the growth and development of the most innovative, internationally ambitious companies,” Sproull said in a statement. “It also validates our community’s continued focus on supporting tech-savvy companies from a variety of sectors.”
Texas-sized growth and opportunity
Hedera Hashgraph launched in August 2017 with the aim to be a more secure alternative to blockchain. Since then, the company has garnered support from many investors, raising over $124 million in funding.
Co-founders Harmon and Leemon Baird together built an alternative distributed ledger that corrects a lot of the problems that have plagued better-known blockchains platforms. To start, Hedera Hashgraph is not really blockchain—it’s its own distributed ledger technology that founders say could revolutionize smart contracts, cryptocurrency, file storage, and even help protect social media user’s privacy.
Harmon told Dallas Innovates in an earlier interview that the DLT technology is faster and more secure than traditional blockchain, and can handle a massive number of transactions at a time.
“We expect to approach, if not achieve, 100,000 transactions per second,” Harmon says. “That’s the goal, and we think we will achieve it.”
Hedera’s vision with its DLT is to create a safer, fairer, more secure Internet. To reach this vision, the company focuses on four fundamental roadblocks to the adoption of DLT: technology, security, stability, and governance.
“There’s nobody else in the market that has anything like that. It’s the most representative governance body of any platform,” Harmon says.
Hedera’s tech is designed so that no single company has control over its governing council and it can’t be overly influenced by members or node operators.
Earlier this year, its initial governing council members were named at a summit in Seoul, South Korea. Those members are: Deutsche Telekom, DLA Piper, Magazine Luiza, Nomura Holdings, Inc., and Swisscom Blockchain AG. The members represent the telecom, technology, financial services, legal, and retail industries worldwide.
Most recently, in March, Hedera filed a Form D with the U.S. Securities and Exchange Commission that granted nearly $700 million in hbars, Hedera’s cryptocurrency, to its employees, founders, contractors, advisers, and certain early service providers.
The grants total $696,150,671 and allow for the recipient to receive coins in the future, typically over a period of four years.
“With this inaugural group, we are demonstrating the caliber of organizations it takes to deliver long-lasting, stable governance for the industry’s first enterprise-ready public ledger suitable for mission-critical applications,” Harmon said in a statement.
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