Coinbase is adding support for one artificial intelligence (AI)-focused altcoin to the Solana (SOL) network.
In a new announcement, the leading US cryptocurrency exchange revealed that Decentralized Physical Infrastructure Network (DePIN) io.net (IO) is being added to its trading platform.
Coinbase says:
“If liquidity conditions are met, trading will commence after 9:00 AM Pacific Time on October 9, 2024. Once sufficient supply of this asset is available, trading of the IO-USD trading pair will begin in stages. IO support may be limited in some supporting jurisdictions.”
IO is trading at $1.77 at the time of this writing and is down more than 3% in the last 24 hours. With a current market capitalization of $168 million, iot.net is the 295th largest cryptocurrency project.
The io.net project aims to leverage idle graphics processing units (GPUs) for use in machine learning (ML) and AI projects.
According to the project website:
“We make computing more scalable, accessible and efficient. Our mission is to unlock equitable access to computing power by assembling 1 million+ GPUs across independent data centers, crypto miners, and crypto projects like Filecoin or Render. Major cloud providers currently have approximately 10 to 15 exaflops of GPU computing capacity available. However, given the rapidly increasing volume of AI/ML model training and inference workloads, the potential demand for GPU computing in the cloud could be as high as 20 to 25 exaflops.”
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