An altcoin project based on Solana (SOL) and focused on artificial intelligence (AI) is experiencing a surge in value following support from Binance, the largest cryptocurrency exchange in the world.

Binance has announced the listing of io.net (IO), a decentralized AI computing network, for trading on its platform. The announcement includes the addition of IO to Binance Simple Earn, ‘Buy Crypto’, and Binance Convert. Furthermore, IO will be available on Binance Margin, Binance Futures, and Binance Auto-Invest on specific dates.

At the time of writing, IO is trading at $5.66, marking a 52% increase in value over the past 24 hours. With a market cap of just over $534 million, the altcoin reached an all-time high of $5.84 following the news from Binance.

The io.net project aims to establish a decentralized computing network that enables machine learning engineers to access distributed cloud clusters at a lower cost. This initiative seeks to tackle the challenges posed by traditional cloud service providers, such as insufficient capacity leading to high costs and delays in accessing cloud services hardware.

According to the project team, “Our vision is to build IO as the currency of compute, powering an ecosystem of products and services that facilitate access to compute as both a resource and an asset.”

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