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.