FedNow adds Hedera Hashgraph-powered Dropp to support instant transactions

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Written on Aug 14, 2023

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FedNow lists Hedera Hashgraph’s partner Dropp as a service provider.
Integrating Dropp will open doors for institutions to complete real-time transactions
HBAR gained over 16% following Dropp’s integration.

The Federal Reserve’s FedNow has listed Dropp, a micropayments platform based on Hedera Hashgraph, as a service provider. Hedera’s native token HBAR soared over 16% following the integration. Dropp supports small-value transactions in HBAR, USDC, and USD.

???? HAVE YOU SEEN THIS? #FedNow has added Dropp Inc., a payment platform built on #Hedera, to the #FedNow Payment services!!!

Bullish for $HBAR @droppcc @hedera pic.twitter.com/FCqPnvSOqg

— Jeff Weston (@jeffweston_) August 14, 2023

The United States Federal Reserve launched FedNow Services in July to support instant transactions (read more). Users can use the government’s first real-time payment system to pay bills and send money instantaneously.

FedNow integrates Dropp for instant transactions

The latest integration will allow Drop to collaborate with financial institutions that use FedNow to offer users state-of-art payment services. Merchants will enjoy instant and real-time transactions, allowing them to access cash for high-value transfers.

Moreover, the platform will ensure instant retail-level payments for those using FedNow Services.

Meantime, Dropp supports small-value transactions in USDC, HBAR, and USD. Merchants can use the platform to grow businesses while saving money, whereas consumers enjoy access to top-notch services and products.

Moreover, Dropp allows individuals to view NFT transfer history, associated fees, and details. The cost-effective micropayment platform launched on Hedera’s blockchain. Currently, Dropp utilizes ACH to fund customer wallets and complete merchant payments at the end of each day.

HBAR price skyrockets

https://twitter.com/joreball/status/1691024474601390080?s=20

Hedera’s native token HBAR gained more than 16% on its daily chart as FedNow’s integration of Dropp triggered enthusiasm. HBAR has recorded upside moves recently, gaining approximately 25% within a month. That came as the cryptocurrency project inked new partnerships.

The altcoin changed hands at $0.064 during this writing, with $0.065 and $0.055 daily high and low, respectively. Also, its daily trading volume has surged by a remarkable 55%, confirming substantial interest among market participants.

The latest surge saw HBAR overcoming several resistance zones as it climbed to its April peak. Nevertheless, it has to conquer the hurdle at $0.066 to extend the upward journey.