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- Hedera is pumping by at least 16.4% in the last 24 hours, as per CoinGecko.
- The price surge is due to the FED’s adoption of $HBAR through a partnership with Dropp.
- At the moment, only $HBAR and $USDC will be used by the FED for processing micro-transactions.
Hedera ($HBAR) is pumping heavily as many people are becoming aware of its adoption by the US Federal Reserve (FED) for micropayments.
Specifically, the FED has added Dropp, a payments solutions provider that uses the Hedera blockchain, as one of its partners for processing micro-transactions. There was no fanfare or any sort of grand announcement from Hedera or Dropp’s team, although the partnership is clearly displayed on the FED’s official website.
#FedNow has added another company to its Services Provider Showcase. Micro Payments company @droppcc. Dropp enables micro payments in $HBAR, USD and $USDC
— DHNCRYPTO (@WadeTeamer) August 12, 2023
This means banks in the US looking for micro payments services can now use #Hedera technology.
Dropp will enable Real… pic.twitter.com/vRSXh3fUHr
Accepted cryptocurrencies in the partnership mentioned above are $HBAR and Circle USD ($USDC).
In just a couple of hours following the partnership reveal, the price of $HBAR has surged to $0.065, a 24-hour increase of about 16.4%, as per CoinGecko. This also translates to an increase of 17% in the last 7 days, as of the time of writing.
Prior to the announcement, $HBAR was barely able to maintain its price at $0.055, and some technical analysts were predicting that the cryptocurrency would plummet even more. Fortunately, the FED partnership announcement gave the coin its much-needed boost. So far, $HBAR is enjoying a 24-hour trading volume of $200 million.
Hedera is a layer-1 distributed ledger that uses Proof of Stake (PoS). It does not necessarily use blockchain, as there exist other types of distributed ledger technologies (DLT) such as Hashgraph, in Hedera’s case.