The value of Ethereum passed over $600 after big banks trust

After the announcement of future plans by some banks on working with the blockchain, the value of Ethereum has exceeded $600.

Ethereum the second capital market crossover currency, crossed $600 in a week on Tuesday. The Ethereum trading rate reached $616 in an hour on the basis of data released at Markets Inside. This was recorded next day when a group of UBS-controlled banks reported on a data quality control project for either the blockchain or the Ethereum BlockChain.

Unlike Bitcoin, Ethereum’s blockchain is supported by programs and facilities called Intelligent Contracts. Cryptomania is shaking Wall Street and sets new limits for digital currencies.

Ethereum or Ether, as the second currency by the capital market, for the first time crossed $600 per tonne earlier this Tuesday. The digital currency, which has recently attracted peoples, stood at $616, according to Mark’s Insider at 10:35 am (local time).

In the midst of a massive digital coin market, the price per bitcoin hit $17,300 a week earlier this week, and the price of LiteCoin on the morning of that weekend topped $300.

The new Ether record was due to the Ethereum data quality control project by a group of Swiss banks. Unlike Bitcoin, Ethereum can support its network-based applications for non-digital projects. This is why Ethereum is famous for smart contracts.

Barclays, Credit Suisse and UBS are among the banks that will help prepare them for the Second Financial Markets (MIFID), a major regulatory forum for control in Europe, scheduled to be operational in 2018.

Peter Stephens, head of the block segment in UBS, told Business Insider,

This is a tool we use to improve the quality of reference data that is to be used for reporting to the MIFID Legislation.

Instead of treating a third-party to rely on data and then feedback on the accuracy of information in each sector, banks will only rely on a blockchains. Stephens stated in the end:

We trust the blockchain.

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