- The US Federal Reserve's instant payment system, FedNow, has added Dropp, a #micropayments platform built on the Hedera Hashgraph distributed ledger #technology (DLT), to its #FedNow Service Provider Showcase.
- The showcase aims to help financial institutions and businesses discover service providers that can facilitate the implementation of instant payment products using the FedNow Service.
- Dropp is a #digital solution that allows merchants to accept payments at minimal costs, combining #DLT and regulated banking technology to reduce transaction fees.
- While Dropp's addition to the showcase suggests growing receptivity to DLTs, the Federal Reserve clarified that showcased materials are for potential participants' convenience and do not imply endorsement.
- Some members of the crypto community have expressed concerns about corruption potential as DLTs gain traction in financial systems.
- Other blockchain networks were previously connected to FedNow's service and later removed from the site.
- Dropp's inclusion indicates a changing relationship between traditional financial systems and emerging technologies, demonstrating a growing openness to considering alternative payment technologies.
