FedNow, the US Federal Reserve’s instant payment system, has taken an important step towards improving its micropayment capabilities by acquiring Dropp, a micropayments platform built on the Hedera Hashgraph network. This development triggered a notable 15% increase in the price of Hedera Hashgraph’s local altcoin project HBAR. Here are the details…
FedNow acquires Dropp
In a strategic move aimed at expanding its offerings and improving the efficiency of the instant payment system, the US Federal Reserve announced the inclusion of Dropp, a Hedera Hashgraph-backed micropayment platform, as one of its service providers. This integration allows FedNow to facilitate seamless micropayments and cater to small-value transactions in a variety of currencies, including HBAR, USD and USDC. As a result, banks and financial institutions can now use Hedera’s Dropp platform for real-time transactions via FedNow.
Moreover, this collaboration marks a significant milestone for Hedera Hashgraph as it provides indirect support from FedNow. This strategic fit with a traditional financial institution further highlights the growing acceptance and adoption of Blockchain technology in mainstream finance.
Altcoin HBAR price rises in partnership with FedNow
The announcement of Dropp’s inclusion in the FedNow ecosystem triggered a significant price spike for Hedera Hashgraph’s native cryptocurrency, HBAR. HBAR saw an impressive 15% increase in its valuation in just a few hours. This price action is an indication that the market welcomes cooperation and demonstrates the potential impact of blockchain integration in traditional financial systems. As we reported on Kriptokoin.com, the altcoin witnessed a significant 25% increase in its price last month. So, this increase is part of a broader uptrend for HBAR outside of the FED influence. The price trajectory of HBAR, which is currently trading at $0.064, reveals the potential of Blockchain projects to create value and interaction in the cryptocurrency market.
HBAR’s recent price action showcases its resilience and growth potential in the cryptocurrency world. The coin’s trading volume has increased by a remarkable 550% over the past 24 hours, highlighting the growing interest among traders in response to the FedNow partnership announcement. HBAR has successfully surpassed multiple resistance levels on the price chart and is now reaching its highest value since April. In the coming period, market analysts will closely monitor the performance of the cryptocurrency, which is approaching the critical resistance level of $ 0.066. A successful break of this resistance could potentially open the way for more bullish momentum.
Cryptocurrencies as mainstream
FedNow’s move to incorporate Dropp as a service provider underscores the importance of adopting blockchain technology and cryptocurrencies in modern financial systems. With its launch featuring 41 banks and 15 service providers, including big players like JP Morgan Chase, BNY Mellon and Wells Fargo, FedNow is poised to transform the way individuals and businesses transact by offering instant payments around the clock. As the payment network continues to expand throughout the year, it could drive greater awareness and adoption of cryptocurrencies in the mainstream financial landscape.
As a result, the integration of Dropp, a micropayments platform built on Hedera Hashgraph, into the FedNow ecosystem has led to a significant price boost for HBAR, demonstrating the potential of blockchain and cryptocurrencies to reshape traditional finance. This strategic collaboration lays the groundwork for wider acceptance and integration of blockchain solutions in the global financial ecosystem.
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