FedNow Payment Platform to Launch in July

  • Enabling Instantaneous Financial Transactions
  • NFT Fraudsters Via False Websites are targeting blur Token Airdrops

Enabling Instantaneous Financial Transactions

In a statement issued on March 15th, the Federal Reserve said it would launch FedNow, an instantaneous payment platform, in July 2023. The first participants in this platform, which seeks to end the present backlogs in completing financial transfers across institutions, are anticipated to be accredited at the start of April 2023.

FedNow, accessible 24 hours a day, seven days a week, is being hailed as a “contemporary quick payment option” by Ken Montgomery, COO of the Federal Reserve Bank of Boston. But, according to some analysts, the advantages of instantaneous transactions in the cryptocurrency industry could be threatened by FedNow.

Cryptocurrency investors may also utilize FedNow to fund and exit trades without leaving cash or virtual currency on a trading system. According to some analysts, FedNow might set the stage for a central bank digital currency (CBDC) in the United States.

However, it might compromise one of a digital dollar’s main advantages—the speed of money transfers. According to Federal personnel, Joe Biden’s administration, Congress, and the broader population would need to endorse the establishment of a US CBDC.

Introducing some proprietary stablecoins, such as the presently Diem (previously Libra) program, has brought attention to the necessity for a real-time payment mechanism. Federal authorities are worried about such stablecoins and their possible effects on the financial sector, notably Fed Chair Jerome Powell.

The planned payment system from the Fed is different from the initial of its sort; it is vital to remember that. In 2017, the banking sector already introduced a real-time payment (RTP) platform, which has been operating successfully for several years and provides characteristics similar to those of FedNow.

Ken Montgomery has urged banking institutions and business associates to prepare for FedNow membership. Implementing this contemporary payment network will lead to an increasingly expedited and effective method of completing monetary transactions. However, FedNow’s potential long-term effects on the banking and cryptocurrency industries remain unknown.

NFT Fraudsters Target Blur Token Airdrops Via False Websites

Wallet links have allowed fraudulent websites to steal approximately $300,000 from consumers, as per statistics by TrustCheck. Blur, a new player in the non-fungible Token (NFT) marketplace landscape, has drawn notice for its user base and trade volume, which both expand quickly.

The network has a triple-phase airdrop bonus program in place. During the 2nd Token airdrop period, which started on February 15th, customers will receive 10% of the overall token supply rooted in their trading behavior.

Anybody who bought or sold a non-fungible token on Ethereum in six on six months before the platform’s debut22 was eligible for the first airdrop, which was distributed tickets to recipients.

Those who classified their NFTs last December 6th were awarded in the second phase of the airdrop campaign. Users who made offers on the platform after the functionality started operating were rewarded in the third phase with tokens.

Several people have been trying to acquire $BLUR tokens through various NFT channels because of the bonus program’s structure. Sadly, this has also allowed con artists to spread false airdrop links that direct people to dangerous websites.

Since February 15th, over $300,000 in assets have been stolen from 24 different fraudulent websites, according to TrustCheck. Users are encouraged to use caution when linking their wallets because some websites are still operational.

When consumers link their Ethereum wallets, smart contracts used by fraudulent websites inevitably begin a transaction. Consequently, all of the Ethereum in the account is moved to a specific address, allowing TrustCheck to record the total amount of money stolen.

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