Digital banking network Metallicus announced the completion of the testing and certification phase and the launch of its services on the Federal Reserve's FedNow instant payment platform. The Federal Reserve announced the integration of Metal Blockchain with FedNow on October 22. The partnership was originally announced in mid-2023 before the launch of FedNow, with the goal of attracting thousands of financial institutions to join the platform over time.
Metal Blockchain is an L0 network developed by Metallicus based on the Avalanche branch. Its developers claim that the project is designed to be secure and theoretically infinitely scalable. Information provided on the official website indicates that its design "can deploy an unlimited number of subnets, each of which can process 4,500 transactions per second." The platform supports multiple programming languages and has built-in support for DApps and smart contracts.
The Federal Reserve launched the FedNow payment service in July 2023, aiming to facilitate instant payments and replace the previous outdated FedACH system. (Cointelegraph)