HBAR Leads The Market Charge Following FedNow Move

TL;DR

• HBAR is the best performer amongst the top 50 cryptocurrencies by market cap today.

• The rally comes after Hedera became a FedNow service provider.

Hedera’s Dropp Becomes A FedNow Service Provider

Hedera has become a FedNow service provider. On Monday, the United States Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform, Dropp, as a service provider.

Today, @droppcc, the micropayments solution built on @Hedera and fuelled by #HBAR, was showcased as a service provider for FedNow, the instant payment service developed by the @federalreserve 🇺🇸

Catch up with @SushilDropp (CEO, Dropp) as he explains the #Hedera integration: pic.twitter.com/4HbZqlwghl

— HBAR Foundation (@HBAR_foundation) August 14, 2023

This is a huge milestone for Hedera as FedNow is an instant payment service provider developed by the Fed for depository institutions in the United States.

The news saw HBAR, the native coin of the Hedera ecosystem, rally by more than 13%, making it the best performer amongst the top 50 cryptocurrencies by market cap in the last 24 hours. At press time, the price of HBAR stands at $0.07289. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues its poor performance. BTC remains below the $30k level and has lost less than 1% of its value so far today. BTC is currently trading at $29,330 per coin.

Similar to Bitcoin, Ether’s price has also been stuck around the $1,800 threshold in recent weeks. Ether, the second-largest cryptocurrency by market cap, is down by less than 1% today and is currently trading at $1,839 per coin.

The total cryptocurrency market cap has remained the same over the last 24 hours and currently stands at $1.17 trillion.