FedNow Enlists Partner Linked to Hedera Hashgraph, Triggers Surge in HBAR Price
The FedNow system operated by the US Federal Reserve has incorporated the Dropp micropayments platform, which utilizes Hedera Hashgraph technology.
The support from FedNow for Dropp means that small-scale transactions involving HBAR, USDC, and US dollars can now be seamlessly executed, according to CoinGape.
This paves the way for financial institutions and banks looking to facilitate microtransactions to employ the Dropp platform on Hedera’s network via FedNow’s infrastructure. Consequently, Hedera is now indirectly backed by FedNow, signifying a significant boost from conventional financial establishments.
Hedera is also attracting attention due to its increasing number of collaborative ventures. Notably, Hyundai and Kia have introduced an environmentally-conscious system powered by Hedera to monitor carbon emissions.
The endorsement of the Dropp micropayments platform by FedNow led to a remarkable 15% spike in the value of HBAR. Additionally, Hedera’s value has surged nearly 25% in the course of a month due to its newly established partnerships.
It is worth noting that he value of HBAR has been experiencing a trading range of $0.055 to $0.065 within the past 24 hours. Impressively, the trading volume has witnessed a colossal surge of 550% in the last 24 hours, indicating substantial interest among traders.
HBAR has successfully surpassed multiple resistance thresholds, propelling it to levels seen in April. To further its upward momentum, the price needs to surpass the resistance mark at $0.066.
