Ethereum price surges 25 percent as EEA announces latest expansion

on Jul 19, 2017
Updated: Sep 18, 2019

The ethereum price continues marching forward, leading a strong rally in the broader cryptocurrency space. The second most popular cryptocoin on the market, which was trading at around $130 in early Sunday trading, has made a spectacular recovery, adding more than $100 over the course of just three days.

As of 08:45 BST, the ethereum price stood at $240.03. The cryptocurrency has gained 25 percent in the last 24 hours, according to data from Coinbase-operated exchange GDAX.
The most recent surge may in part be due to yesterday’s announcement by the Enterprise Ethereum Alliance that 34 organisations have joined the consortium since May, bringing total membership to over 150 organisations. The new members include Cisco Systems, Scotiabank, Loyyal Corporation and QIWI Blockchain Technologies, among others.

But perhaps most notably, the latest batch of new members also include the government of the rapidly growing Indian state Andhra Pradesh. This is the first state government outside the US to join the alliance, Coindesk noted in its coverage of the news.
This move reflects the government’s ambition to turn Andhra Pradesh into a fintech hub with the help of blockchain technology. As J A Chowdary, special chief secretary and IT advisor to the state’s chief minister, explained: “With security issues all over the world, there is no doubt that blockchain technology is set to be the biggest disruptor not only in the financial world, but also a number of online and offline sectors.”

“We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community,” Chowdary added.
The EEA, which was formed in February, describes itself as a standards group, whose goal is to help enterprises build their own solutions, based on the ethereum blockchain. Other notable members of the group include Microsoft, Intel, JP Morgan and Mastercard.

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