FedNow showcases DLT-powered payments system as service provider

The United States Federal Reserve’s instant payment system, FedNow, has recently taken a company powered by the distributed ledger technology (DLT) platform Hedera Hashgraph onboard its list of showcased service providers. On Aug. 14, FedNow’s official website updated to feature Dropp — a low-cost micropayment platform constructed on Hedera– under its FedNow Service Provider Showcase section. This section aims to facilitate a connection between financial institutions and businesses so they may readily apply and utilize innovative ideas through the FedNow Service. According to FedNow’s website, Dropp is a sleek digital solution with potential applications in the payments sector, constructed using a combination of both DLT and regulated banking technology.

The news has appeared to remain received positively in the minds of those involved, however, others from the cryptosphere feel they have given up on their hopes of having a challenged system absent from vested monetary corruption. From one Reddit comment from a community address linked to this news, it seemed their idea that pursuing a resounding digital payment experience should not be adopted at the cost of having an open and honest financial or CBDCs system.

To add to the plot, around the time of May where other blockchain networks announced they were linking to the FedNow service, however fleeting that might have been: just days later Metal Blockchain appeared to vanish shortly after its proposal was approved and readied for the FedNow service.

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