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.

AccessTimeIconMar 2, 2023 at 10:31 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

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


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.