- Hedera is pumping by at least 16.4% in the last 24 hours, as per CoinGecko.
- The price surge is due to the FED’s adoption of HBAR through a partnership with Dropp.
- At the moment, only HBAR and USDC will be used by the FED for processing micro-transactions.
Hedera (HBAR) is pumping heavily as many people are becoming aware of its adoption by the US Federal Reserve (FED) for micropayments.
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Specifically, the FED has added Dropp, a payments solutions provider that uses the Hedera blockchain, as one of its partners for processing micro-transactions. There was no fanfare or any sort of grand announcement from Hedera or Dropp’s team, although the partnership is clearly displayed on the FED’s official website.
Accepted cryptocurrencies in the partnership mentioned above are HBAR and Circle USD (USDC).
In just a couple of hours following the partnership reveal, the price of HBAR has surged to $0.065, a 24-hour increase of about 16.4%, as per CoinGecko. This also translates to an increase of 17% in the last 7 days, as of the time of writing.
Prior to the announcement, HBAR was barely able to maintain its price at $0.055, and some technical analysts were predicting that the cryptocurrency would plummet even more. Fortunately, the FED partnership announcement gave the coin its much-needed boost. So far, HBAR is enjoying a 24-hour trading volume of $200 million.
Hedera is a layer-1 distributed ledger that uses Proof of Stake (PoS). It does not necessarily use blockchain, as there exist other types of distributed ledger technologies (DLT) such as Hashgraph, in Hedera’s case.
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