After reaching an all time high of $2,500 per coin earlier this month, Ethereum has now managed to hit a new peak following reports that the European Investment Bank (EIB) plans to launch a “digital bond” sale on the Ethereum blockchain network.
The world's second largest cryptocurrency climbed to $2,756 before falling slightly to $2,745 at the time of writing. While Ether is the cryptocurrency of the Ethereum blockchain, the two terms have become interchangeable among crypto enthusiasts.
Ethereum's new record high coincided with the release of a new report from Bloomberg in which sources familiar with the matter said that the EIB plans to issue a two-year 100m Euro digital bond. Other big banks will also be involved in the sale as it will be led by Goldman Sachs, Banco Santander and Societe Generale according to Reuters.
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In a statement, VP for EIB, Mourinho Félix explained how leading the digital bond sale will provide the bank with alternative sources of finance, saying:
“Innovation at the EIB goes beyond the projects we are supporting. As a global leader in the green and sustainability bond markets, the EIB is clearly well‑placed to lead the way now in the issuance of digital bonds on blockchain. These digital bonds will play a role in giving the Bank a quicker and more streamlined access to alternative sources of finance to boost finance for projects across the globe.”
Ethereum's rising price
While reports that EIB will soon issue a digital bond on the Ethereum blockchain, a decline in the supply of Ether has also helped bump up its price recently according to head of revenue at SFOX, Danny Kim who spoke with Reuters about the cryptocurrency's rising price.
At the same time though, Ethereum is also being used to buy virtual art or land in the form of NFTs or non-fungible tokens.
Only time will tell if Ethereum will be able to dethrone Bitcoin as the world's largest cryptocurrency but rising coin prices and higher demand are good signs for both the future of Ether and the Ethereum blockchain.
TechRadar is supported by its audience. TechRadar does not endorse any specific cryptocurrencies or blockchain-based services and readers should not interpret TechRadar content as investment advice. Our reporters hold only small quantities of cryptocurrency (under $100 in value), as is necessary to perform wallet and exchange reviews, and do not hold shares in any publicly listed cryptocurrency companies.
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