‘Crypto killer’ FedNow launches, fails to kill crypto
The US Federal Reserve’s highly anticipated “crypto killer,” FedNow, went live on July 20, 2023. Six days later, it seemingly has not had much effect on the crypto industry despite sharing many value propositions. For example, it boasts fast transaction speeds, high throughput, irreversible settlement finality within seconds, and same-day access to funds for payees. It also offers no chargeback risk and low, flat fees regardless of the amount of money sent. Indeed, since July 20, CoinGecko’s total crypto market cap has declined just 1.8% to $1.2 trillion. Hardly a death knell. Have you heard? The #FedNow Service is now live and available to all U.S. financial institutions that want to sign up and offer #instantpayment services to their customers. Learn more: https://t.co/4PTKMOwsGh #paymentsindustry #FederalReserve #banking #financialservices pic.twitter.com/SCnqdzoqqq — Federal Reserve Financial Services (@FRBservices) July 24, 2023 The Fed unveils FedNow FedNow is permiss...