Ethereum Spikes To New Highs On Historic European Investment Bank Bond Launch

Ethereum Spikes To New Highs On Historic European Investment Bank Bond Launch

Blockchain Crypto Market Cryptocurrency
April 27, 2021 by CoinSurges
38
Ethereum these days even more so than Bitcoin, is

Ethereum these days even more so than Bitcoin, is disrupting traditional finance as we know it. DeFi is booming and has introduced lending and borrowing at scale. Institutional trading volumes are “exploding” according to reports.

However, the most recent news involving a history-making bond launch priced at 100 million euros ($121 million) could be among the most bullish yet in terms of global financial acceptance.

History In The Making: European Investment Bank Launches Bonds On Blockchain

According to Bloomberg Law, European Investment Bank plans to offer two-year notes in an inaugural sale. What’s unique about this development, is that EIB has tapped the Ethereum blockchain to launch the bonds.

Related Reading | Bought NFTs? There’s A Tax For That, And Other Ways The IRS Is Eyeing Crypto 

Citing undisclosed sources familiar with the matter, notes will be registered on the Ethereum blockchain using smart contracts, and the sale itself will be managed by banking giants like Goldman Sachs, Banco Santander SA, and Societe Generale. The tokenized bonds could then theoretically be issued to buyers via an Ethereum wallet.

The European Investment Bank is a publicly owned international financial institution established 1958 that takes direct interest in EU economic and social policy.

ethereum bond

Bond news. Ethereum bond news. | Source: ETHUSD on TradingView.com

Ethereum Rockets To New Highs On Bullish Momentum

It isn’t very surprising that Ethereum has made a run for new highs on the heels of the news. The top-ranked altcoin has outperformed Bitcoin since its inception, and things have only ramped up since.

More recently, the altcoin has started to make a strong recovery on its BTC trading pair and ratio against the leading cryptocurrency by market cap. Today on the back of the unprecedented bond news by EIB, Ethereum made another climb to set a new all-time high at $2,683 per ETH at the time of this writing.

Related Reading | Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run 

The crypto market is hot so numbers could have already changed by the time you are reading this. Ethereum, in particular, is even hotter.

Institutional trading volumes are off to a much healthier start than when CME Bitcoin Futures first debuted. That debut also marked the top and the start of the bear market, while Ethereum has only trended stronger since.

As the backbone of most of blockchain today, Ethereum is potentially undervalued despite the recent run to new highs and a value nearing double the last cycle’s peak.

Competitors are gaining ground, and doing well themselves, yet it has barely dented Ethereum that is only thriving more so because of it. The emergence of chains like Binance Smart Chain and others have only lessened the blow of ETH gas fees and helped make Ethereum itself palatable again.

With developments like this, it proves just how far ahead Ethereum really is over the rest of the space, and why these recent imitators might not have a chance despite recent hype.

Featured image from Pixabay, Charts from TradingView.com
Read Entire Article

Related posts

Add a comment

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies.