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FedNow Adds Hedera Hashgraph’s Partner As Service Provider, HBAR Price Soars 15%

US Federal Reserve's FedNow adds Hedera Hashgraph-powered Dropp micropayments platform as service provider. HBAR price jumps 15%
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FedNow Adds Hedera Hashgraph’s Partner 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.

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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?

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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 Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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