JP Morgan, BNY Mellon, and Banco Santander Back Ethereum Enterprise

The Ethereum/Bitcoin exchange rate hit an 82-day high today of 0.013300. Renewed interest in the second-most valuable digital currency was spurred after several news outlets reported on Enterprise Ethereum, a new initiative to develop distributed applications (dApps) on the Ethereum blockchain, backed by major investment banks like JP Morgan, BNY Mellon and Banco Santander.

Software industry giants like Microsoft, Red Hat and Cisco, along with fintech firms BlockApps and ConsenSys, are also said to be part of Enterprise Ethereum initiative, according to CoinDesk.

No official statements have been released on the new initiative by any of the participating firms, but reactions to Enterprise Ethereum have been mixed within the Ethereum community.

Some supporters believe large banks will use Ethereum’s blockchain to bolster the legacy financial system, instead of transforming it, “You realise they will use ethereum to move fiat backed tokens and basically just reinvent the current financial landscape on the blockchain,” writes one Redditor.