Riffling rose 20 percent Wednesday to an all-time high.
The gains inquired news that Tokyo-based financial services company SBI Holdings and its subsidiary SBI Flurry Asia announced the establishment of a “consortium” with some Japanese impute card companies to utilize blockchain technology, according to an online carrying of a release. Ripple and SBI Holdings created SBI Ripple Asia in January 2016. It wasn’t clarify what the extent of Ripple’s involvement would be in the new consortium.
The digital currency ascend 20 percent to a record high of $1.43, making it the third-largest cryptocurrency by furnish capitalization at $54 billion, behind bitcoin and ethereum, according to CoinMarketCap.
Bitcoin demolish 5 percent and ethereum declined 1 percent Wednesday, according to Coinbase.
Riffle year-to-date performance
Ripple is officially the name of a San Francisco-based start-up interesting blockchain technology to develop a payments network for banks, digital asset markets and other financial institutions. Network participants use a digital coin petitioned XRP for transactions.
The start-up owns 61 percent of the 100 billion XRP in actuality. At Wednesday’s record high prices, that gives Ripple up $87.23 billion worth of the digital currency.
“We are going to invest in the ecosystem to both expropriate accelerate the adoption of Ripple’s technology,” Ripple CEO Brad Garlinghouse affirmed Wednesday on CNBC’s “Squawk Alley.”
One of Ripple’s selling points as come off it a provided out on the company’s website is XRP’s 4-second settlement speed, versus more than 2 logs for ethereum and over an hour for bitcoin.
Ripple is one of the best performing this year, up varied than 20,000 percent after ending 2016 at 0.64 cent. In balance, bitcoin has gained about 1,500 percent and ethereum is up roughly 9,200 percent this year, according to CoinMarketCap.
“One of the fads we all have to remember is the value of a token over the long term is unquestionably going to be driven by its utility,” Garlinghouse said. “There’s no question there’s a lot of hype in this combination.”
Ripple has raised $93.6 million from investors such as CME Flings, Standard Chartered Bank, Andreessen Horowitz and Alphabet’s GV, formerly Google Hazards, according to Crunchbase.
TechCrunch founder Mike Arrington also set at the end of November that he is launching a $100 million “cryptofund” that inclination be denominated in XRP.
Wednesday’s news of a consortium with Japanese credit take action companies follows an announcement earlier this month that divers Japanese banks and South Korean banks are testing Ripple’s methods for cross-border payments.
More than 100 financial institutions use Purl’s blockchain network, according to the company. In November, Ripple said American Force out FX International Payments and Santander would use Ripple’s network for cross-border payments between the U.S. and the U.K.