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News/HBAR Surges to Four-Month High as Dropp Joins FedNow

HBAR Surges to Four-Month High as Dropp Joins FedNow

Aug 14 2023

8 months ago2 minutes read
A robot making a micropayment to another robot

Dropp on Hedera Hashgraph Joins FedNow's Showcase

Written by Van

In a marked breakthrough for the world of digital currency, the Federal Reserve's instant payment service, FedNow, has enlisted Dropp, a micropayments platform built on Hedera Hashgraph, as a service provider. This union signifies a noteworthy crossover between conventional financial institutions and the burgeoning cryptocurrency realm.


Unravelling the Intricacies of Dropp and FedNow

Dropp, constructed on the foundational structure of Hedera Hashgraph, is a micropayments platform. Launched in July 2023, the Federal Reserve's latest venture, FedNow, has deemed Dropp worthy of incorporation in its service provider "showcase."

Dropp's Prolific Functionality

A person's hand holding a smartphone making a payment to a cash register (1).webp

Designed to expedite and streamline real-time transactions through fiscal institutions, Dropp reinvents micropayments. This digital platform empowers merchants to vend products and services at a refined level. 

With the aptitude to process customer credit transfers coupled with handling incoming payments, Dropp bypasses the hefty credit card transaction fees – a trait that renders micropayments more accessible.


Unveiling the Features of Hedera Hashgraph Technology

Operating on the unique hashgraph consensus, Hedera Hashgraph carries out over 10,000 transactions per second. It flaunts a stunning settlement time of just 3-5 seconds. 

The transaction fee is predictably below $0.001 USD for stablecoins and HBAR transactions, injecting the technology with remarkable cost-effectiveness. Further, HBAR's market cap surpasses a whopping $2.1 billion. 


The Enigmatic Influence on HBAR Token

This groundbreaking development triggered a remarkable hike in the crypto price, specifically that of HBAR. Evidencing the volatile nature of crypto coin prices, it soared by 18% within a short span, reaching a four-month high of $0.067141. It later settled at $0.066299, still marking a 16.5% increase. 

As per data depicted in the cryptocurrency charts, the overall growth of HBAR is estimated at approximately 50% since mid-June 2023. Based on trading analytics, it's inching towards a resistance line at $0.067, with possible targets pegged at $0.06971 and $0.07670. 

chart (12).webp

Highlighting Major Partnerships and Metrics 

FreshSupplyCo has embraced Hedera in its payment trigger API, while Shinhan Bank has pioneered a proof-of-concept pilot for stablecoin remittance, crafted on Hedera. Additionally, the technology saw considerable growth in Q2 2023, fueled primarily by non-fungible tokens (NFTs).

Hedera Hashgraph's daily active accounts have shot up by 288% year-to-date, soaring from 3,500 to 13,500 by Q2 2023. New account creation witnessed a 340% spike over the same timeframe. 


Frequently Asked Questions

1. What is Dropp's unique functionality in the cryptocurrency world?

Dropp, hosted on Hedera Hashgraph, is a micropayments platform that allows digital merchants to promote products and services at a detailed level, sidestepping steep credit card transaction fees.

2. What makes Hedera Hashgraph remarkable in terms of cryptocurrency charts?

Hedera Hashgraph is powered by the hashgraph consensus, capable of processing over 10,000 transactions per second, with a near-instantaneous settlement time and highly cost-effective transaction fees for stablecoins and HBAR transactions.

3. How has Dropp's inclusion in FedNow influenced the crypto coin prices, particularly HBAR?

Following Dropp's integration in FedNow, HBAR experienced a surge of 16% to a four-month high, and although it later settled somewhat, it demonstrated a significant overall growth.

4. What partnerships and integrations have contributed to Hedera's growth?

Partnerships with FreshSupplyCo and Shinhan Bank, and the increased activity in non-fungible tokens (NFTs) have significantly spurred Hedera's growth.

5. How has the growth in terms of active accounts and new account creation been for Hedera in Q2 2023?

There has been an impressive surge, with a 288% increase in daily active accounts and a 340% boost in new account creation year-to-date.


Final Thoughts

Dropp's integration into FedNow's Service Provider Showcase signals a significant turning point for the fusion of distributed ledger technology with orthodox finance. It underscores the growing practicality and acceptance of micropayments, spurred by rapid technological advancements and evolving consumer preferences. 

With its strategic positioning and the unique amalgamation of speed, security, and cost-effectiveness by Hedera Hashgraph, Dropp is poised to become a crucial conduit between traditional banking systems and pioneering abilities. The immediate ramifications on HBAR's price and potential future growth highlight the market's positive reaction to this progression.

This article has been refined and enhanced by ChatGPT.

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