- The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
- The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.
- The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.
- Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.
- “We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point,” UBS director Hyder Jaffrey told CoinDesk.
The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
Continue reading “Bitcoin price surpasses $5,000 for first time — RT Business”
Six of the world’s biggest banks have joined a project to create a new digital currency, Financial Times reported on Thursday.
Continue reading “Several big banks are teaming up for a new digital currency”
- On Monday, the Enterprise Ethereum Alliance announced 86 new members that will work together to develop business applications on the Ethereum blockchain, including Toyota, Deloitte, Samsung SDS, and the National Bank of Canada.
- But while bitcoin has become a haven for speculators trying to win big by trading coins, Ethereum’s promise is that its blockchain—the public ledger that records all transactions—is chiefly a platform for developing apps, powered by economic incentives.
- Read More: The Bank of Canada Slipped the Konami Code Into a Bank Note Announcement
The alliance, which was founded in February of this year, is a global foundation with more than 100 members which include financial institutions like JP Morgan, Credit Suisse, and Banco Santander.
- The bank ran a pilot using an in-house digital currency to conduct interbank transactions on a blockchain in 2016, snubbing the existing bitcoin currency.
- Ethereum still might not be as valuable as bitcoin (one coin is worth over $2,000 USD at the moment, while one denomination of Ethereum, called ether, is worth $163), but it could be a whole lot more useful for banks.
Why not bitcoin?
Continue reading “The National Bank of Canada Just Joined An Alliance to Develop Ethereum”