Fed Doping of Hedera’s HBAR Token: Double-Digit Growth

FedNow, the instant payment system launched by the US Federal Reserve (Fed), has added Hedera’s payment platform, Dropp, to its list of service providers.

As is known, the Drop platform was planning to work with banks using the FedNow system. Thanks to Drop, businesses will have instant access to multiple money flows, including large payments from customers. Once Drop is integrated into the FedNow system, even small payments made by retail customers can be transferred seamlessly.

Built on the Hedera Hashgraph blockchain, Drop is built on low latency distributed ledger technology and allows for instant payments. Drop currently uses the Alchemy Pay (ACH) token to fund customer wallets and pay businesses at the end of the day.

The Drop platform is currently also working on HBAR, US Dollar and USDC based micropayments. Dropp also allows for storing, sending and receiving NFTs and accessing information such as transfer history.

FedNow’s support for Hedera also resulted in a significant increase in HBAR. HBAR is trading at around $0.064 at the time of writing.