The HBAR Foundation and Dropp, a digital micropayment transaction platform enabling payments both in FIAT ($USD) and cryptocurrency, today announced a grant that will help Dropp develop its business.
“Dropp is a revolutionary technology that solves the incredibly large business problem of hefty fees associated with low-cost payments,” said Shayne Higdon, executive director and CEO at the HBAR Foundation. “The metaverse, Web3, media, publishing, and entertainment, as well as the creator economy are just a few beneficiaries of its technology, which makes small monetary digital transactions a profitable endeavor. We are excited to support Dropp with our grant by helping them to grow their customer base and extend the benefits of the technology to consumers globally.”
Dropp’s platform is built on the Hedera Hashgraph network, a fast distributed ledger offering high-performance and security through its public distributed ledger and is designed for the new and evolving digital ecosystem. The multi-currency platform facilitates payments in U.S. dollars; Hedera’s native — energy-efficient cryptocurrency HBAR; and soon USDC — a digital stable coin associated with the US dollar.
The micropayment platform was built to offer a pay-per-use pricing option to merchants. Dropp is bringing the concept of pay-per-use or usage-based pricing to the digital market. With Dropp, every digital merchant, large or small, can unbundle their services and offer them on a pay-per-use basis.
There is a substantial unmet need in the market for affordable small-value transactions. In the last two years, the surge in digital services has made that need acute as digital merchants chase for more subscribers. With Dropp, consumers get a fair and convenient purchasing option, and merchants gain a new pricing method to acquire a new customer base with a low acquisition cost.
“The grant from The HBAR Foundation allows us to incentivize new customers with a $5 credit toward their first purchase,” said Sushil Prabhu, CEO and founder at Dropp. “We want consumers to have a first-hand experience making a digital purchase or making micro-donations or tips. Dropp offers new purchasing options to consumers and an extremely easy-to-use experience to make small-value purchases.”
“We want consumers to try out Dropp. This grant is the catalyst that will help boost the adoption of small value purchases. Our team has been working hard behind the scenes, using our 25+ years of financial, payment, technology experience and user experience, to solve the pain points for merchants, and consumers.”
The HBAR Foundation fuels growth of the Hedera ecosystem by providing grants and resources for technical assistance, marketing and business development to developers, startups and organizations building on the network. Hedera offers 10,000 transactions per second, near real-time settlement and low fees for bandwidth consumption. Since launching in 2018, the public network has processed more than 1.75 billion transactions generated by real-world applications.