For the time being, Cypherium is the only blockchain startup in the FedNow Service Provider Showcase, according to the CEO.

Blockchain technology and cryptocurrencies have been a hot issue around the world. Despite their little existence, they have already gone through painful periods of hibernation due to rigorous regulatory rules.

What exactly is Cypherium?

Cypherium is a blockchain technology that employs a hybrid consensus process to maximize decentralization and scalability while achieving decentralized commercial viability. The platform aims to help consumers gain financial inclusion while also bringing operational benefits to its commercial and institutional partners.

Cypherium creates financial inclusion among people, banks, governments, and enterprises utilizing a digital currency interoperability architecture. Furthermore, with HotStuff, the hybrid consensus process delivers unprecedented transaction throughput and contract execution time.

Federal Reserve and blockchain technology

The Federal Reserve in the USA is advancing its real-time payment initiative FedNow Service by focusing on blockchain technology.

The Fed formally opened the FedNow Service Provider Showcase on Tuesday to provide financial institutions and users with various services to assist them in implementing the FedNow Service, which will begin in 2023.

The showcase now features over 70 profiles and service providers that support immediate payments. One of them is Cypherium, a New York-based blockchain technology that focuses on instant payment solutions. The platform is well-known in China for its involvement in blockchain projects, including Suzhou City Municipal’s blockchain infrastructure development.

BNY Mellon Immediate Payments, Mastercard Track Business Payment Service, and ePayments are among the other suppliers featured in the presentation.

Also, read – Cryptocurrency companies want Federal Reserve payment systems access, banks resist

“We are the only blockchain firm picked so far,” Cypherium CEO Sky Guo told Cointelegraph, adding that as part of the FedNow payment project, consumers would be able to use Cypherium’s digital wallet or blockchain technology. He also mentioned that Cypherium’s technology would allow consumers to interact with various payment systems through FedNow’s member banking institutions.

Cypherium’s participation in the project, according to FedNow business executive Nick Stanescu, will assist “organizations find and connect with partners they’ll need to construct the end-to-end solutions the market is expecting.”

The Federal Reserve Board of the United States revealed intentions to release FedNow in 2019 to allow all US banks to offer real-time payments to their customers by 2023.

Apart from FedNow, Cypherium has been a member of the United States Faster Payments Council (FPC) since 2019, an organization dedicated to establishing a global inclusive payment system. The only other blockchain-related partner in the FPC, according to Cypherium CEO, is blockchain payment business Ripple.