FedNow Teams Up with Dropp on Hedera Hashgraph, Igniting HBAR Rally
FedNow, the instantaneous payment system operated by the US Federal Reserve, has incorporated Dropp, a microtransaction platform built on the Hedera Hashgraph network, into its list of approved service providers.
Due to this integration, the value of Hedera’s cryptocurrency HBAR surged by 15% within a few hours. This development stems from FedNow’s endorsement of Dropp, which facilitates micropayments using HBAR, USD, and USDC.
Integration of Hedera Hashgraph-Powered Dropp with FedNow The US Federal Reserve’s real-time payment system, FedNow, has chosen Dropp, a micropayments solution developed on the Hedera Hashgraph infrastructure, as an official service provider. Dropp empowers frictionless micropayments for low-value transactions, encompassing HBAR, USDC, and the US dollar.
This strategic alignment enables financial institutions, including banks, to access Hedera’s Dropp platform via FedNow for instantaneous microtransactions. By extension, Hedera’s blockchain technology garners indirect validation from FedNow, a testament to its increasing acceptance within the traditional financial sector.
Hedera’s prominence is growing in tandem with its expanding partnership network. Notably, Hyundai and Kia recently introduced a carbon emissions monitoring system powered by Hedera.
READ MORE: Bitcoin: Crypto Analyst Reveals Upcoming Correction
The announcement of FedNow’s endorsement of Dropp, the Hedera-fueled micropayments platform, precipitated a notable 15% surge in the value of Hedera’s cryptocurrency, HBAR.
Hedera’s value has climbed by nearly 25% in just one month, propelled by its burgeoning partnership initiatives.
At the time of writing, HBAR is trading at $0.064, ranging between a 24-hour low of $0.055 and a high of $0.065. Furthermore, the trading volume has surged by an impressive 550% over the last 24 hours, underscoring heightened interest among traders.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
