tldrdaily.news logo
Tag

Fednow

All articles tagged with #fednow

cryptocurrency1 year ago

Stellar Lumens (XLM) Surges Amid Market Optimism and Analyst Predictions

Stellar's XLM cryptocurrency has experienced a significant rally, achieving a 600% increase in November, driven by soaring derivatives demand and news of its support for the Federal Reserve's FedNow system. XLM's open interest reached a historic high of $443.99 million, contributing to its explosive price surge. Despite being overbought, the potential for increased utility and demand suggests further price action could continue into 2025.

via AMBCrypto News|
#cryptocurrency#derivatives#fednow
cryptocurrency2 years ago

HBAR Skyrockets as FedNow Embraces Hedera-Based Dropp

The price of Hedera Hashgraph's HBAR token has surged over 15% after the U.S. Federal Reserve's instant payments platform, FedNow, added Dropp, a Hedera-based micropayments platform, as a service provider. Dropp allows merchants to accept small-value purchases digitally without large transaction fees. This move has contributed to HBAR's overall increase of nearly 50% since mid-June, with the token's market cap surpassing $2.1 billion. Hedera Hashgraph's unique blockchain structure, utilizing hashgraph consensus, enables high transaction speeds and low-latency finality. The platform has experienced significant growth in daily active accounts and new account creations, driven by NFTs and DeFi. Hedera has also seen integration with other platforms and completed a stablecoin remittance proof-of-concept pilot.

via CoinDesk|
#cryptocurrency#dropp#fednow
finance2 years ago

FedNow: The Federal Reserve's Instant Payment Service Revolution

The U.S. Federal Reserve has officially launched its FedNow instant-payments service, aimed at facilitating faster and more convenient everyday payments for businesses and individuals. The system, which has already attracted 35 early adopters including JPMorgan Chase and Wells Fargo, is expected to improve the flow of money in the U.S. economy. While there are still questions about potential charges for the service, the central bank plans to integrate FedNow into the apps and websites of banks and credit unions. Additionally, the Fed is studying the implementation of a central bank digital currency, with some suggesting that FedNow could potentially address the need for a CBDC.

via CNBC|
#banking#digital-currency#federal-reserve
finance2 years ago

"Federal Reserve Introduces 'FedNow' Instant Payment System, Revolutionizing Transactions"

The US Federal Reserve has launched its new instant payments service, FedNow, which aims to significantly speed up the process of sending money in the country. FedNow allows money to be conveyed almost instantly, bringing the US in line with other countries that have already adopted instant payments. The service, which operates 24 hours a day, will initially involve 35 banks and credit unions, including JPMorgan Chase and Wells Fargo. The Fed denies that FedNow is tied to any plans for a digital US dollar, but the service's functionality could increase friction between the conventional financial system and cryptocurrencies.

via CoinDesk|
#central-bank#digital-currency#fednow
finance2 years ago

FedNow Service: Revolutionizing Payments with Real-Time Technology

The U.S. Federal Reserve is set to launch its long-awaited "FedNow" service, aiming to modernize the country's payment system by allowing Americans to send and receive funds in seconds, 24/7. The service will eliminate the current several-day lag in cash transfers, bringing the U.S. in line with other countries. Initially opposed by big banks, many have now agreed to participate, recognizing the opportunity to expand their services. FedNow will settle payments directly in central bank accounts, benefiting consumers and small businesses the most. Smaller banks welcomed the service as it allows them access to real-time payments without relying on larger competitors. FedNow will have a maximum payment limit of $500,000 initially, and concerns about potential bank runs have been downplayed by Fed officials.

via Reuters|
#banking-system#federal-reserve#fednow
cryptocurrency2 years ago

Federal Reserve Bank of America Partners with Ripple for Real-Time Settlement Platform

The Federal Reserve Bank of America is rumored to be working with Ripple following some comments by Jerome Powell. The Federal Reserve’s upcoming instant payment service, FedNow, will launch in the coming month with several financial institutions onboarded already Ripple partners. While the establishment of FedNow bars the adoption of blockchain-based solutions like Ripple, a potential partnership that drives the adoption of Ripple’s technology aside, would drive XRP above its previous ATH of 3.80.

via Crypto News Flash|
#cryptocurrency#federal-reserve-bank-of-america#fednow
politics2 years ago

DeSantis Takes Stand Against CBDCs in Florida

Florida Governor Ron DeSantis signed two bills banning a centralized federal digital currency and government surveillance of finances, claiming that the Biden administration's Central Bank Digital Currency (CBDC) is a "surveillance and control" attempt. The Federal Reserve clarified that it is not imposing any digital currency, but is launching a FedNow payment service in July 2023 to speed up payments for individuals and businesses.

via WFLA|
#digital-currency#fednow#florida
finance2 years ago

FedNow instant payment service set to launch in July.

The US Federal Reserve has confirmed that its instant payments system, FedNow, will launch in July. The system will provide round-the-clock, real-time gross settlement and will not rely on blockchain technology. The Fed plans to onboard as many financial institutions as possible to increase the availability of instant payments. Some see FedNow as an alternative to central bank digital currencies and stablecoins, which also seek to solve the problem of instant payments. FedNow could also serve many of the same functions as a CBDC.

via Cointelegraph|
#cbdcs#federal-reserve#fednow
finance2 years ago

Fed to launch digital payment system in July.

The Federal Reserve's digital payments system, FedNow, will launch in July, allowing bill payments, money transfers, and other consumer activities to move more rapidly and at lower cost. Participants will complete a training and certification process in early April. Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends. The program could even supplant the need for a central bank digital currency.

via CNBC|
#digital-payments#fednow#finance