A decentralized cloud computing altcoin is soaring after Korea’s biggest crypto exchange announced support for the digital asset.
Akash Network (AKT) shot up Tuesday from low of $4 to a high of $6.74, a more than 68% increase after crypto exchange Upbit announced support.
At time of writing, AKT has retraced slightly to $5.30 and is sitting at a market cap of $1.2 billion.
Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and AI.
Last month, AKT was listed for trading on top US crypto exchange Coinbase after being placed on the platform’s listing roadmap in February.
The project’s developer team announced Monday a summit in Austin, Texas on May 28th.
“Get ready for Akash Accelerate ’24. This will be the first full-day Akash summit, bringing the entire community together for a packed agenda of presentations and panels from the brightest minds in the decentralized AI space.”
Akash was built using the Cosmos (ATOM) software development kit (SDK) and implemented on the Cosmos blockchain. Akash aims to serve as a decentralized cloud computing marketplace by pooling and reallocating unused computing processing power to customers who need it.
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Featured Image: Shutterstock/Peshkova