“FedNow” Instant Payment Service To Launch In July – March 16

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$24,832

Bitcoin price has creeped back toward the $25,000 level over the last day of trading, currently sitting just below the key level.

Top-20 altcoins have also seen small gains across the board, as Ether rises 2%, BNB rallies 8% and Cosmos re-enters the top-20 with a 7% gain.

Top Stories for March 16, 2022 🔥

👉 “FedNow” Instant Payment Service To Launch In July

The US Federal Reserve has announced a July launch date for its instant payments system, FedNow.

The system will settle payments in seconds and can support transactions between consumers, merchants, and banks, and has built-in fraud risk management features. FedNow is seen by some as an alternative to central bank digital currencies and stablecoins, and could also serve many of the same functions as a CBDC.

The launch will begin with a diverse mix of financial institutions of all sizes, and the Federal Reserve plans to onboard as many as possible to increase the availability of instant payments.

👉 Signature Bank Buyer Must Give Up All Crypto Business

Signature Bank, which had a significant number of crypto clients and whose closure was announced on Sunday by New York state regulators, is now up for sale.

However, potential buyers are reportedly required to agree to a major condition: no crypto. The bank was reportedly being investigated by the Department of Justice and the US Securities and Exchange Commission for potentially lax monitoring that may have enabled money laundering.

Some believe that the closure of Signature Bank, along with California-based Silicon Valley Bank and Silvergate Bank, was a coordinated effort by regulators to restrict the crypto industry’s access to the banking system.

👉 Ethereum Layer-2 Platform Arbitrum Will Finally Launch Token

On March 23, Arbitrum, a layer two scaling solution for Ethereum, will airdrop a governance token called ARB to community members.

The token will enable the community to govern the network through a self-executing DAO, meaning governance members can pass protocol upgrades that will be automatically applied on-chain.

The airdrop represents 12.75% of the token’s total supply, with tokens being handed to those who have used the network over the last year. The remaining supply will be distributed to DAOs, Offchain Labs investors, and the Arbitrum Foundation.