|SBHGF & Ripple Asia: "New Consortium w/JP credit card co's using blockchain."|
While bitcoin falls, one cryptocurrency jumps 20% after new link to some Japanese credit card companies
The digital currency rose 20 percent to a record high of $1.43, making it the third-largest cryptocurrency by market capitalization at $54 billion, behind bitcoin and ethereum, according to CoinMarketCap.
The gains followed news that Tokyo-based financial services company SBI Holdings (SBHGF) and its subsidiary SBI Ripple Asia — formed with Ripple in 2016 — announced the establishment of a "consortium" with some Japanese credit card companies to utilize blockchain technology, according to an online translation of a release.
"One of the things we all have to remember is the value of a token over the long term is really going to be driven by its utility," Ripple CEO Brad Garlinghouse said on CNBC's "Squawk Alley."