IOST Token Surge Following Deal with Amazon Web Services
IOST Token Surge Following Deal with Amazon Web Services
On March 2, IOST (Internet of Services Token) announced a strategic integration with Amazon Web Services (AWS), aiming to enhance its DeFi, NFT, GameFi, and Web3 services. Through this partnership, the IOST Network will leverage AWS's powerful AI tools and decentralized internet architecture.
Following the announcement, the IOST token saw a significant increase, climbing from $0.0114 to a high of $0.013, marking a rise of approximately 14%. The last time the token traded around the $0.015 – $0.016 range was in August 2022. Meanwhile, trading volume surged impressively by 600%, reaching $87.5 million. However, as of the time of writing, the momentum has slowed and the price has retreated to pre-integration levels.
15-minute chart of IOST/USDT on Binance as of 09:25 PM, March 2, 2023
Launched in 2018, IOST is an early blockchain platform capable of processing up to 100,000 transactions per second, optimizing block generation speed and transaction confirmation.
IOST has previously collaborated with AWS. According to CryptoSlate, IOST's Blockchain-as-a-Service (BaaS) platform has been available on the AWS Marketplace since 2019. Additionally, it was the first blockchain project featured and promoted by AWS China in 2020.
On the other hand, Amazon Web Services is one of the largest cloud computing platforms and has recently made several breakthroughs in the crypto space despite widespread layoffs. Last month, CoinDesk reported that AWS is hiring for Web3 positions. Other sources have revealed that AWS is exploring opportunities in the NFT market, although it has yet to accept crypto payments.
