Ethereum trades near fresh highs

The world’s second most valuable crypto was trading at around US$2,700 on Thursday morning after hitting a record price of US$2,274 on Wednesday night

Ethereum, the world’s second most valuable crypto after Bitcoin is trading higher on Thursday morning after reaching fresh records overnight.

In late morning trading in London, the digital currency was up 5.4% in the last 24 hours at US$2,769 after hitting an all-time high of around US$2,274 on Wednesday night.

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While the reason behind the price increase has not been ascertained Ethereum may have been given a boost by news that the European Investment Bank (EIB), the European Union’s lending arm, has for the first time used the crypto’s underlying blockchain technology to issue around €100mln (£87mln) in two-year digital notes.

According to a Bloomberg report on Wednesday, the EIB notes will be registered on the Ethereum blockchain and carry a zero per cent coupon, with major banks including , and Societe Generale serving as joint managers.

The EIB is not the first central bank to have issued bonds on the blockchain, with the state-backed China Construction Bank, the world’s second-largest bank, having used the Fusang digital asset exchange, based in Malaysia, to issue up to US$3bn worth of debt securities using the blockchain.