A cryptocurrency project built on the Solana blockchain, focusing on artificial intelligence (AI), is experiencing a surge in value after receiving support from Binance, the world’s largest cryptocurrency exchange.

Binance has announced the listing of io.net (IO), a decentralized AI computing network, for trading on its platform. The announcement states, “Binance is pleased to introduce io.net (IO) on Binance Simple Earn, ‘Buy Crypto,’ and Binance Convert. Additionally, IO will be added to 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 of just over $534 million, the altcoin hit an all-time high of $5.84 following the Binance listing.

The goal of the io.net project is to establish a decentralized computing network that enables machine learning engineers to access distributed cloud clusters at a reduced cost. This initiative aims to tackle the challenges faced by traditional cloud service providers, such as limited capacity, leading to issues like high expenses and extended wait times for hardware access through cloud services.

The project team states, “Our vision is to position IO as the currency of compute, powering a range of products and services that facilitate access to compute as a resource and an asset.”

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