As per the recent development, FedNow has added Dropp to the list of its service providers. Developed by the US Federal Reserve, FedNow’s integration with the Dropp micropayments platform would now enable micropayments in Hedera (HBAR), USD, as well as the stablecoin USDC. The Dropp micropayments platform is built on Hedera Hashgraph and the recent venture clearly suggests that banks and a series of other financial institutions would be able to use the platform for real-time payments via FedNow.
Hedera has earned indirect support from FedNow, which would eventually set the stage for major support from financial institutions. A number of analysts throughout the crypto market suggest that the current move in instantaneous financial transactions arises from the continuously evolving needs of the modern economy.
What Does the Future Offer For Hedera and Dropp?
Dropp is bound to offer dual functionality to its users by processing customer credit transfers and handling incoming payments. The dual capability places Hedera’s technology at a vantage point in the rapidly evolving landscape of real-time payments.
The CEO of Dropp carried out an active discussion surrounding the evolution of micropayments and mentioned how the concept has been around since the 90s, and how its trend rapidly increased following a boom in the digital economy sector, consumer needs, and technology.
The recent venture suggests that Dropp would facilitate and streamline real-time transactions by connecting the network through the financial institutions that onboard as Dropp customers. The strategic position could establish Dropp as an indispensable bridge between traditional banking systems and the cutting-edge capabilities offered by distributed ledger technologies.
Hedera (HBAR) Surges Following Dropp Approval
As the news spread throughout the crypto market, the HBAR token surged by a whopping 16%. At the time of writing, the token has skyrocketed by a whopping 16.95% within the previous 24 hours. The increase has pushed the trading price up to almost $0.0066 and the market cap of the token stands at the $2 billion mark.
HBAR has continued to break multiple resistance barriers and jumped to its high of April, but it would need to break the resistance barrier at $0.066 to move further upward. Furthermore, the transaction fee below $0.001 for stablecoins and HBAR on Hedera was one of the major factors in Dropp’s decision to adopt the platform.
