Ripple rose 20 percent Wednesday to an all-time high.
The gains followed news that Tokyo-based financial services company SBI Holdings and its subsidiary SBI Ripple Asia announced the establishment of a "consortium" with some Japanese credit card companies to utilize blockchain technology, according to an online translation of a release. Ripple and SBI Holdings created SBI Ripple Asia in January 2016. It wasn't clear what the extent of Ripple's involvement would be in the new consortium.
The digital currency rose 20 percent to a record high of $1.43, making it the third-largest cryptocurrency by market capitalization at $54 billion, behind bitcoin and ethereum, according to CoinMarketCap.
Bitcoin fell 5 percent and ethereum declined 1 percent Wednesday, according to Coinbase.
Ripple is officially the name of a San Francisco-based start-up using blockchain technology to develop a payments network for banks, digital asset exchanges and other financial institutions. Network participants use a digital coin called XRP for transactions.
The start-up owns 61 percent of the 100 billion XRP in existence. At Wednesday's record high prices, that gives Ripple about $87.23 billion worth of the digital currency.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.