Ether, the digital token of the Ethereum blockchain, just reached a major milestone.
The price of the cryptocurrency surpassed $600 for the first time Tuesday, and surged as high as $635.00, according to data by CoinDesk, whose price index tracks prices from cryptoexchanges Bitstamp, Coinbase and Bitfinex. This marked a renewed all-time high for ether.
Ether is the second-largest digital currency by market value, according to Coinmarketcap data, and is commonly used in digital coin sales known as initial coin offerings (ICOs). Its price has risen more than 5,000 percent since the start of the year, according to CoinDesk data.
The rise in value appeared to occur following reports that Swiss banking giant UBS would lead an Ethereum-based blockchain platform alongside other firms including Barclays, Credit Suisse, KBC, Swiss stock exchange SIX and Thomson Reuters. The network will reportedly be used to help participants in the project comply with the European Union's Markets in Financial Instruments Directive II (MiFID II), an overhaul of EU rules that aims to make trading within the bloc more transparent.