FedNow Reportedly Processed XRP Transaction Sent To US Bank Account

A member of the XRP community under the pseudonym “Crypto Value Hunter” recently reported that FedNow processed XRP funds sent to his bank account from crypto platform Uphold. A member of the XRP community reported this in a post on X. He also said that he withdrew funds from his Uphold XRP account to the bank and the funds were instantly deposited into the target account. In addition, he expressed surprise at the organization that carried out the transaction based on the information in the payment description. According to the disclosure, the XRP funds were processed by FedNow, the US Federal Reserve’s instant payments system. This discovery caused significant optimism among community members, given the fast transfers settlement, a core characteristic of XRP transactions, and FedNow’s purported involvement.

Reacting to the report, well-known community figure Chad STEINGRABER said that Ripple Payments is connected to the FedNow service through the Uphold crypto exchange to process instant deposits to US bank accounts. Moreover, Steingraber stated that XRP is used for internal transactions. Steingraber came to this conclusion amid Uphold’s partnership with Ripple to strengthen cross-border payments infrastructure. When asked that FedNow does not use XRP to process transactions, Steingraber agreed with this fact. However, he countered that Uphold is using XRP given its alliance with Ripple.

Moreover, some other commentators have disputed the claim that FedNow settled XRP transactions sent to a bank account. X HighSteppin users claimed to have transferred funds from Uphold multiple times and never saw a payment description indicating that FedNow processed the transactions. Other community members expressed similar concerns that their payment descriptions never showed FedNow-related information. Moreover, the timing of this revelation further casts doubt on its authenticity. “Crypto Value Hunter” published a post on April Fool’s Day, but claims that it is not a joke.

Image: Analytics Insight

SOURCE

Leave a Comment