Akash Network Token Jumps 50% on Upbit Listing
The decentralized cloud computing company also announced its “Akash Summit.”
Akash Network, a decentralized cloud computing platform, saw its AKT token rise to nearly $7 on Tuesday when the token was listed on the South Korean exchange Upbit.
AKT jumped over 50% in the last 24 hours after trading steadily at $4 for the past week.
Akash was built using the Cosmos software development kit (SDK) and deployed on the Cosmos blockchain. It is an open network that offers users a way to buy and sell computing resources through its own marketplace. It connects server owners who need computing power to host applications with cloud computing resources.
The company also announced its 'Akash summit' on Monday, which will take place in May. The summit will focus on the decentralized artificial intelligence (AI) space.
Akash Network fits into the broader 'DePIN' narrative, which has recently garnered substantial interest from venture capitalists. Anand Iyer, founder of Canonical Crypto, an early-stage VC, told CoinDesk that he is seeing the true utility of decentralized hardware come to life as computing needs for AI increase.
“Companies and protocols like Akash Network and Ritual are leading the way here and we expect to see more players leveraging decentralized networks for non-crypto use cases,” Iyer said.