A pseudonymous XRP community member “Crypto Value Hunter” recently suggested that FedNow processed XRP funds transferred from the Uphold crypto platform to his bank account.
A member of the XRP community made this clear in a post on X. The crypto value hunter revealed that he withdrew funds from his XRP Uphold account to the bank and that the funds instantly reached the target account.
Additionally, he expressed surprise at the entity that settled the transaction based on the information in the payment explanation. According to the disclosure, the XRP funds were processed in the following manner: FedNow, the instant payment system of the US Federal Reserve System.
I just sent money from Uphold to my bank. #XRP. The transaction took place almost instantly. But surprisingly, who was the one who settled the transaction… If a before photo is worth his 1000 words, you’ll know what this means 👀👀👀 #FedNow @digitalassetbuy @DigPerspectives… pic.twitter.com/LTLa3HPwcX
— Crypto Value Hunter (@majesticboss55) April 1, 2024
XRP community reaction
This revelation sparked considerable optimism from community members. The main features of XRP trading are quick remittance settlement and FedNow involvement.
X user Chris Gates Confirmed He has experienced similar instant settlements when organizing similar transactions.
“The impact of this deal is huge. Global integration and adoption is happening much faster than most people realize.” said Alan Good, a U.S. Navy veteran.
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While reacting to the post, Chad Steingraber, a prominent figure in the community, said that Ripple Payments will be connected to the FedNow service through the Uphold cryptocurrency exchange to process instant deposits into US bank accounts. He claimed that there was.
Furthermore, Steingraber claimed that “XRP is used for domestic transactions.” Steingraber reached this conclusion under the following circumstances. Uphold and Ripple partnership Strengthen cross-border payments infrastructure.
To support pic.twitter.com/5nK9pyH0Lm
— Chad Steingraber (@ChadSteingraber) April 1, 2024
When challenged by FedNow not using XRP to process transactions, Steingraber said: agreed To that fact. However, he countered that Uphold is using XRP in consideration of its partnership with Ripple.
Important disclaimer
Additionally, some other commenters disputed the claim that FedNow settled transactions involving XRP transferred to bank accounts.
X user claimed I have moved funds out of Uphold many times and have never seen a payment description that suggests FedNow processed the transaction.
Other community members echoed A similar sentiment that no information related to FedNow appeared in the payment description.
Moreover, the timing of its disclosure cast further doubt on its authenticity. Crypto Value Hunter posted on April Fool’s Day, Claim It’s not a prank.
Contrary to Steingraber’s claims, it is important to emphasize that: The only link between Ripple and FedNow That was when the Federal Reserve asked Ripple partner Volante Technologies to pilot a payments platform.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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