FedNow Adds Hedera As Service Provider, HBAR Price Soars 15%

The US Federal Reserve’s instant payments system FedNow has added Dropp micropayments platform, build on Hedera Hashgraph, to the list of service providers. Hedera (HBAR) price skyrockets 15% within hours as a result of FedNow now supporting Dropp, which enables micropayments in HBAR, USD, and USDC.

Hedera Hashgraph-Powered Dropp Now Supported on FedNow

Dropp micropayments platform built on Hedera Hashgraph is selected as a service provider by the US Federal Reserve’s instant payments system FedNow. Dropp enables micropayments for small-value transactions in HBAR, USDC, and US dollar.

This means banks and other financial service companies seeking micropayments services can use Hedera’s Dropp platform for real-time payments through FedNow. Also, Hedera now has indirect support from FedNow, making the blockchain gains major support from traditional finance firms.

Hedera is gaining interest amid the growing number of partnerships. Recently, Hyundai and Kia introduced a Hedera-powered system to monitor carbon emissions.

Read More: Goldman Sachs – The Fed to Stop Interest Rate Hikes in September, Will Bitcoin Rally?

Hedera (HBAR) Soars 15%

Hedera (HBAR) price skyrocketed by 15% after the announcement of FedNow supporting the Hedera-powered Dropp micropayments platform. Hedera price soared nearly 25% in a month amid new partnerships.

HBAR price currently trades at $0.064, with a 24-hour low and high of $0.055 and $0.065, respectively. Furthermore, the trading volume has increased by 550% in the last 24 hours, indicating a massive interest among traders.

HBAR has broke multiple resistance levels and jumped to its April high. The price needs to break the resistance level at $0.066 for a further upside move.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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