- FedNow integrates Ripple’s XRP for instant payments, showing blockchain’s importance in finance.
- XRP’s market value rises as investors like the FedNow integration.
According to latest reports, FedNow, the Federal Reserve’s new quick payment tool, has been integrated with the cryptocurrency XRP by Ripple. This collaboration is transforming the use of digital currencies in finance, notably for instant payments, which echoed by blockchain researcher, Collin Brown.
🚀 BÄÄÄÄÄÄÄÄÄÄÄÄM! 🚨#FedNow is revolutionizing banking by reportedly processing lightning-fast #XRP transactions to US bank accounts in just 1 second! 💸⚡️
How? Thanks to #Uphold's cutting-edge technology and strategic partnerships with #Ripple, making instant crypto… pic.twitter.com/QC4JVnsDFj
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 5, 2024
FedNow and Ripple: The Dawn of Instant Payments
In July 2023, the U.S. Federal Reserve launched FedNow to modernize the payment system and make financial transactions easier for consumers and companies, as previously reported by ETHNews.
FedNow offers nearly immediate fund transfers. Aiming to bring the United States into line with other nations that have already implemented immediate payment systems, the service was launched with the involvement of significant financial organizations, such as JPMorgan Chase and Wells Fargo.
Enliven this development, Uphold announced in a post that US citizens can enjoy instant XRP to USD withdrawals from Uphold if their banks enable FedNow or RTP.
📢 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
Value of XRP Rises After FedNow Integration
Amid this developments, Ripple has discovered that their cryptocurrency, XRP, is critical. Because of its integration with FedNow, XRP has the potential to enhance the transparency and efficiency of transactions in the blockchain-based payment system.
Its increasing significance and acceptance in the financial technology space is demonstrated by the fact that an official report stated that XRP would be used to improve the FedNow payment service’s blockchain component.
The market performance of XRP is looking good at the moment this event occurs. Over the past day, the price of the crypto currency has increased by 1.72%, to reach $0.5904. Increased investor trust and market interest in XRP despite this major FedNow integration are shown by the surge that has increased its market value to almost $32.5 billion.
Furthermore, there’s a larger movement to use digital currencies for instantaneous payment systems, which includes FedNow integrating Ripple’s technology and cryptocurrency, XRP.
The FedNow service’s goal is to give American consumers and businesses quick payments that are controlled, convenient, and certain. Volante Technologies, a financial technology company and Ripple partner, stated that it is taking part in the FedNow experiment.
Ripple and FedNow’s partnership might lead to mainstream cryptocurrency adoption, making the global financial system more inclusive and efficient.