“As an industry we are experiencing a massive increase in interest and adoption, and for most people Coinbase is the most accessible on-ramp,” said Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up backed by three Canadian venture funds.”Scaling any software business is challenging, but scaling a business like Coinbase, which secures huge amounts of digital value, is extremely complex.”
“To date they have made all the right moves, and I’m sure they are being extremely cautious as they experience the largest wave of adoption that cryptocurrency has ever seen,” Roberts said.
The gains in ethereum followed news Monday that UBS is leading a project to use ethereum’s technology to improve data quality as part of impending implementation of financial regulation in Europe called MiFID II. Barclays, Credit Suisse, KBC, SIX and Thomson Reuters are also participating in the project.
With Tuesday’s gains, ethereum is now up more than 7,500 percent from $8 at the start of this year, according to CoinMarketCap.
“The rise you’re seeing is a lot of speculation on the usefulness of ethereum,” said Dan Ciotoli, a software engineer and blockchain analyst at Bespoke Invest.