A DLT-powered platform has made its way to FedNow's service provider showcase section.
The United States Federal Reserve’s instant payment system, FedNow, has added a company powered by the distributed ledger technology platform Hedera Hashgraph to its list showcasing service providers.Dropp — a micropayments platform built on Hedera — to its FedNow Service Provider Showcase section. The section aims to connect financial institutions and businesses with service providers that can “help them innovate and implement instant payment products using the FedNow Service.
While the new update seemed like the Federal Reserve is warming up to DLTs, the FedNow service also wrote on its website that the materials are only “presented as a convenience” to potential FedNow service participants. “Federal Reserve Financial Services is merely the host for the showcase and does not support or endorse any showcase providers, and the inclusion or exclusion of a provider should in no way imply any recommendation or endorsement by FRFS,” FedNow wrote.
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