thecryptobasic.com
Prominent American crypto exchange Uphold has confirmed that FedNow facilitates XRP transactions to select U.S. bank accounts.
This confirmation came in a recent post on X following The Crypto Basic’s report indicating that FedNow processed a deposit transaction involving XRP to a U.S. bank account.
Notably, XRP enthusiast Crypto Value Hunter first called attention to the transaction on Monday after he observed that the payment description of his XRP withdrawal contained information suggesting that the U.S. Federal Reserve instant payment system, FedNow, processed the XRP funds.
The revelation had sparked skepticism among the broader community. Some claimed to have never observed a payment description bearing FedNow when they initiated a similar crypto withdrawal from Uphold. Others even thought it was a prank, as the insight came up on April Fool’s Day.
Uphold Confirms FedNow Processes XRP Txns
However, Uphold has entered the conversation, attesting that FedNow processes XRP withdrawals into U.S. bank accounts. In the post, Uphold noted that residents of the United States whose banks support FedNow or RTP can enjoy instant withdrawals in XRP to USD from Uphold.
📢 FACT!
If you reside in the US, and your bank works with FedNow or RTP, you can Instantly Withdraw your $XRP to USD on Uphold!
Just look for the ⚡️ symbol in-app, select a source of funds, and its destination.
Learn more: https://t.co/Ga6nyJ61Wy#XRPArmy https://t.co/pBMv548Kiw
— Uphold (@UpholdInc) April 4, 2024
Moreover, the exchange urged users to look out for the lightning symbol in the app for transactions where instant withdrawal is feasible. These instant withdrawals from Uphold, processed either through FedNow or RTP, incur a variable fee of 1.75%. In particular, it attracts a minimum charge of $1 and a maximum cap of $150.
Notably, FedNow, which went live in July 2023, is managed by the U.S. Federal Reserve. Conversely, RTP, initially launched in 2017, is supervised by The Clearing House.
It is worth emphasizing that while users withdraw XRP from Uphold to their banks, the equivalent USD value hits the account. The process merely eliminates the need to first sell the crypto asset to USD. Additionally, this feature of direct crypto withdrawal to a USD account is not specific to XRP, as other cryptos are supported.
Significantly, some community members have pointed out that this feature from Uphold is not entirely new, as it has persisted for a while. However, some Uphold users are just catching up with the update.