Ethereum Price Hits 2017 Highs at $13.40 After JP Morgan, BNY Mellon and Banco Santander Back 'Enterprise Ethereum' Initiative

The Ethereum/Bitcoin exchange rate hit an 82-day high today of 0.013300. Renewed interest in the second-most valuable digital currency was spurred after several news outlets reported on Enterprise Ethereum, a new initiative to develop distributed applications (dApps) on the Ethereum blockchain, backed by major investment banks like JP Morgan, BNY Mellon and Banco Santander.

Software industry giants like Microsoft, Red Hat and Cisco, along with fintech firms BlockApps and ConsenSys, are also said to be part of Enterprise Ethereum initiative, according to CoinDesk.

No official statements have been released on the new initiative by any of the participating firms, but reactions to Enterprise Ethereum have been mixed within the Ethereum community.

Some supporters believe large banks will use Ethereum’s blockchain to bolster the legacy financial system, instead of transforming it, “You realise they will use ethereum to move fiat backed tokens and basically just reinvent the current financial landscape on the blockchain,” writes one Redditor.

Another Redditor said:

While some enthusiasts perceive the growing entanglement between Ethereum and the corporate sphere as a potential threat to decentralization, others view these developments as a golden opportunity for Ethereum to establish itself as a leader in the “smart contracts” industry.

Jeremy Millar, chief instigator of Enterprise Ethereum and former Goldman Sachs investment banker, recently said the new initiative will help advance development of the public Ethereum blockchain, while simultaneously furthering R&D of private Ethereum networks that are necessary for specific use cases:
“In fact, we believe Enterprise Ethereum will contribute significantly to the overall development of Ethereum.”
The market’s overall response to Enterprise Ethereum has been overly positive. The ETH/USD exchange rate also hit a 132-day high of $13.40 today - a price not seen since
October 5, 2016.

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