Cypherium Featured in the Federal Reserve's new FedNow(SM) Service Provider Showcase

NEW YORK, March 8, 2022 /PRNewswire/ -- Cypherium is proud to be featured in the Federal Reserve's new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.

"We're thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments," said Sky Guo, CEO at Cypherium. "With our solutions, financial institutions, businesses and consumers will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023."

Cypherium plans to offer instant payment services to organizations that are adopting the FedNow Service. Cypherium is a blockchain platform for enabling faster payments and cross-platform interoperability. Consumers may use Cypherium digital wallets to interact with the FedNow services.

"We appreciate the commitment of Cypherium to enabling FedNow adoption and participating in the showcase," said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. "The time is now for organizations to identify and connect with partners they'll need to build the end-to-end solutions the market is demanding."

To learn more, visit Cypherium's profile, in the FedNow Service Provider Showcase on FedNowExplorer.org. 

About Cypherium

Cypherium is a layer 1 blockchain protocol designed to offer financial inclusion for its users while delivering operational efficiencies for its enterprise and institutional partners. Using a hybrid consensus mechanism, the Cypherium blockchain is designed to achieve commercial viability while preserving the characteristics of decentralization and distributed ledger technology (DLT). As a Proof-of-Work blockchain, Cypherium does not run the risk of being classified as a security. Cypherium's approach to creating financial inclusion between civilians, banks, government, and enterprises begins with our Digital Currency Interoperability Framework (DCIF). The DCIF is Cypherium's proprietary architecture for allowing any asset, including Central Bank Digital Currencies (CBDCs), stable coins, and digital assets, to be received or distributed on-chain or cross-ledger. Furthermore, it can be integrated with payment service providers, banks, and digital wallets.

About the FedNow Service 

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine^® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org. 

"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.

SOURCE Cypherium