ETH/USD reaches a new high this month by breaking past the $260 level after news of Ubisoft planning to use Ethereum blockchain surfaced.
Ethereum (ETH) has crossed the $260 mark after news of French video game giant Ubisoft exploring the potential of the Ethereum blockchain to be integrated into its games.
The ETH/USD pair trades at $262.77 at the time of writing, with the a 6-percent 24-hour change. This is the only time again the altcoin cleared the said level after dropping within the $240-$250 range at the beginning of June.
Analysts believe the announcement about Ubisoft’s intention to use the Etheruem blockchain has given the altcoin the boost it needs to gain upward momentum.
According to a June 11 report published by Les Echos, Ubisoft intends to to monetize in-game items through the said blockchain.
“The idea is to give a digital existence on the blockchain to the “items” (accessories) available in video games; content that publishers monetize…”
This strategy, which is almost similar to the set-up used by Epic Games on Fortnite, stands out because Ubisoft chooses to store all items on the blockchain as a means for gamers to preserve their digital property rights.
It is still unclear, however, if Ubisoft will apply this new strategy to its existing games or of it will create new games that utilize the blockchain.
Meanwhile, startup Bitwage’s adoption of Ether as a payroll option may have also played a role in the altcoin’s positive movement.
Earlier this week, the startup announced that it has added ETH to its system, giving companies the option to pay their employees in said cryptocurrency.