Why is Helium (HNT) crypto changing its name?

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 Why is Helium (HNT) crypto changing its name?
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Highlights

  • Helium (HNT) is a decentralized blockchain-powered network for the Internet of Things (IoT) devices.
  • Helium Inc. raised US$200 million in a Series D funding round led by Tiger Global Management and Andreessen Horowitz.
  • The network has more than 668,000 Hotspots around the world.

Helium Inc. raised US$200 million in a Series D funding round led by Tiger Global Management and Andreessen Horowitz, it said on Wednesday. It plans to use the fund to build new products.

Helium (HNT) is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. It gained Unicorn status after the funding, valued at US$1.2 billion. On Wednesday, the company also announced changing its name from Helium Inc. to Nova Labs Inc.

Why the rename?

With the expansion in the community members, hotspots, partners, network volume and participating cities, the company decided to distinguish between its corporate entity and the community-owned Helium Network while uniting the community under the shared brand.

The company has made it clear that the new name, Nova Labs, is only for the corporate entity Helium Inc. but not for the community-owned Helium Network. The network’s ecosystem will continue using the Helium name under the stewardship of the Helium Foundation.

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This new name will make Helium Inc and the Helium blockchain network separate, said Amir Haleem, Nova Labs founder and Chief Executive Officer.

Nova Labs’ investors include telecommunications companies, such as Deutsche Telekom, Liberty Global, NGP Capital, and tire manufacturer Goodyear.

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What Is Helium (HNT)?

The company started in 2013 in San Francisco with a vision of creating an affordable and ubiquitous wireless network. It launched the Helium Network in 2019, whose mainnet allows the low-powered wireless devices to communicate and send data across its ‘nodes’ or ‘Hotspots’ network.

Now, the network has more than 668,000 Hotspots worldwide and has use cases, such as forest fire and air quality monitoring. The Helium network connects people through Hotspots, which provides LongFi coverage for gadgets like flood meters, pet tracking collars, etc. Hotspots combine a wireless gateway and a blockchain mining device.

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When users access their network, hotspot device owners earn crypto tokens ‘HNT’. The device owners can also receive cash in exchange for HNT tokens.

With the goal of becoming a large cellular provider, the company has already delivered thousands of Hotspots worldwide and has a backorder of about 3 million amid supply chain constraints.

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Why is Helium (HNT) crypto changing its name?Data Source: coinmarketcap.com

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HNT token detail:

Helium (HNT) rose 10.14% to US$26.14 at 12:56 pm ET on Wednesday. Its current market capitalization is US$2.99 billion. The token’s trading volume rose 68.50% to US$83 million in 24 hours. Out of the total supply of 223 million HNTs, the circulating supply is 114.39 million HNTs.

The token is available for purchase on Binance, Bybit, KuCoin, Gate.io, and FTX crypto exchanges.

Also Read: Why is Reef (REEF) crypto drawing attention? 

Bottom line:

Although Helium is attracting new investors, the crypto market is volatile, and hence, investors must apply due diligence while investing in the cryptocurrency space.

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