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IOST Network's Token Surges Over 8% on Deal With Amazon Web Services

The network will use AWS' computing power, AI tools and decentralized internet architecture.

By Oliver Knight
AccessTimeIconMar 2, 2023 at 10:31 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
(Nicholas Cappello/Unsplash)

(Nicholas Cappello/Unsplash)

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IOST, the native token of the IOST Network, surged by 8.65% after the company announced that it has struck a deal to integrate with Amazon Web Services (AWS).

IOST, which stands for Internet of Services Token, will look to enhance its decentralized finance (DeFi), non-fungible token (NFT), GameFi and web3 offerings by integrating with AWS' Web3 systems, according to an announcement.

The network will use AWS' AI tools and decentralized internet architecture, the announcement added.

Last month CoinDesk reported that Amazon Web Services had been looking to hire for several Web3-focused roles, with another report claiming that AWS is preparing to built its own NFT marketplace.

IOST is a native blockchain that was released to the public in 2018, it aims to achieve 100,000 transactions per second (TPS).

The IOST token is currently trading at close to 13 cents, rising from a low of 11 cents before the announcement was made. Trading volume is up 548% to $66 million, according to CoinMarketCap.

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Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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