A project based on Solana (SOL) focusing on artificial intelligence (AI) is experiencing a surge in value after receiving backing from Binance, the largest cryptocurrency exchange in the world.
Binance has announced the listing of the decentralized AI computing network io.net (IO) for trading on its platform. The announcement states, “Binance is thrilled to add io.net (IO) to Binance Simple Earn, ‘Buy Crypto,’ and Binance Convert. Additionally, IO will be included on Binance Margin, Binance Futures, and Binance Auto-Invest on June 11, 2024, at 14:00 (UTC), June 11, 2024, at 14:00 (UTC), and June 13, 2024, at 10:00 (UTC) respectively.”
At the time of writing, IO is trading at $5.66, marking a nearly 52% increase in the last 24 hours. With a market cap just above $534 million, the altcoin reached an all-time high of $5.84 following the Binance announcement.
The io.net project aims to establish a decentralized computing network that enables machine learning engineers to access distributed cloud clusters at a lower cost. The goal is to tackle the challenges faced by traditional cloud service providers with insufficient capacity, leading to issues such as high expenses and prolonged wait times for hardware access through cloud services.
The project team stated, “Our vision is to develop IO as the currency of compute, empowering a range of products and services that facilitate access to compute as both a resource and an asset.”
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