The Federal Reserve has announced that its instant transaction system, FedNow, will go live in July. The system was built by the Fed and does not use any third-party blockchain systems, including Ripple and xrp. However, research has shown that Cypherium (cph) is the only token directly involved as a FedNow service provider, while Ripple has an indirect connection through its partner and client, Volant, who joined the pilot program for FedNow. Other potential tokens that could be affected have not yet been identified.
Federal Reserve Announces Instant Transaction System Going Live in July
The Federal Reserve has recently announced that their long-awaited instant transaction system is finally going live in July. What’s more exciting is that they have built this system on their own, without the use of any assistance from Ripple, xrp, h-bar, Stellar Quant or any other platforms.
As we all know, Ripple has been dominating the market with its innovative technology aimed at reducing transaction times, and to some extent, costs. Ripple has been in partnership with various banks across the world, such as Santander, BBVA, and American Express, to mention a few.
However, with the FedNow instant transaction system, the Federal Reserve aims to revolutionize the payment industry by providing its very own instant payment solution. This will eliminate the need for intermediaries, reduce transaction costs, and increase transaction speeds.
What’s even more interesting is that the FedNow instant transaction system is a great opportunity for traders and investors alike, as this move could significantly influence the cryptocurrency market.
Which Tokens Will Be Affected?
Now that the FedNow instant transaction system is launching in July, many investors and traders are trying to determine which tokens to buy that will benefit from this new development. One token stands out, Cypherium (CPH).
Cypherium (CPH) is the only token that is directly involved in the FedNow system. As a FedNow service provider, and with a low market cap, low volume, and low exchange listing, Cypherium (CPH) is considered to be high-risk. However, it would be beneficial for investors to keep an eye on this token, as it could potentially increase in value due to the implementation of the FedNow instant payment system.
What About the Connection to Ripple?
Although the FedNow system was built without any assistance from Ripple or any of its platforms, there does exist an indirect connection through Volant. Volant joined the pilot program for FedNow, making it a partner and client of Ripple.
However, it is essential to note that Volant’s partnership with Ripple and its involvement in FedNow hasn’t been confirmed to have any direct influence on the FedNow payment system or any tokens involved.
In conclusion, the FedNow instant transaction system is a significant move by the Federal Reserve to revolutionize the payment industry. Investors should keep an eye on Cypherium (CPH) and any other tokens that might benefit from the implementation of the FedNow system. The connection between Ripple and FedNow through Volant shouldn’t influence the FedNow instant payment system or any tokens directly.