Bitcoin rival Ethereum’s price skyrockets


Jessica Sier

The price of Ethereum, the technology used by global banks in their blockchain experiments, went ballistic on Thursday afternoon.

Ether, the currency that represents Ethereum in cryptocurrency markets, has leapt 40 per cent in the last 24-hours, a 100 per cent jump in the last week. It is currently sitting at 0.0126 a Bitcoin ($US4.78). Which is sitting at around $6.70.

The Commonwealth Bank of Australia, HSBC, UBS and Credit Suisse are part of an 11-member group called R3 and are exploring how blockchain technology can allow them to securely transfer money and other assets over the internet, securely and very quickly.

In January, R3 announced its first distributed ledger experiment using Ethereum and Microsoft Azure’s blockchain.

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Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.