FedNow Will Connect With Metal Blockchain
According to a May 11 announcement from the Metal Blockchain team, the Federal Reserve’s upcoming instant payment service FedNow will be connected to Metal Blockchain. According to the announcement, the integration will allow Metal users to instantly convert funds to stablecoin and back using FedNow’s “send/receive” function.
FedNow is a payment system developed by the Federal Reserve of the United States. It enables round-the-clock, near-instant payments between banks. Currently, US residents can only make domestic instant payments using third-party apps such as PayPal and Venmo, or crypto wallets. The Federal Reserve has stated that the new service will be available in July.
Metal Blockchain is a crypto network developed by Metallicus, based on a fork of Avalanche’s code. It was created to offer compliance-friendly options for decentralized finance (DeFi) developers.
(With inputs from Shikha Singh)
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