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FedNow adds Hedera Hashgraph-powered Dropp to support instant transactions

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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.

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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.

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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

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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

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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.

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