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Ripple crypto-currency rises in value

Crypto-currency Ripple has become the second most valuable virtual cash system.

The digital currency's value soared to more than $100 billion over the weekend, according to market monitors, and while it's still some way off the $231bn Bitcoin system, it's still making waves.

As reported by BBC, each Ripple coin is now worth around $2.34, which marks an impressive rise from the half a US cent they were worth 12 months ago.

The virtual system's valuation is higher than Ethereum - another popular crypto-currency - and it comes as the company has sought to position itself as a safe alternative through links to trusted financial institutions.

Ripple was created to help banks speed up the process of how they pay each other, with around 100 institutions - including Bank of America and UBS - amongst the customers signed up for the payments system.

The rise follows news over the weekend that three of Japan's big credit card businesses have jointed companies already signed up.

However Eddy Travia, head of crypto-cash financier Coinsilium, has suggested the higher value could cause problems for Ripple, despite its great efforts to win banks over to the technology.

He told the Financial Times: "The worry is that when the price goes up so much it moves the focus from the technology to just the speculation."

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