The digital asset of Akash Network (AKT), a decentralized cloud computing altcoin, experienced a significant surge in value after Upbit, Korea’s largest crypto exchange, announced its support for the coin. AKT’s price skyrocketed from $4 to a high of $6.74, marking a remarkable 68% increase. Currently, the price has slightly retraced to $5.30, with a market cap of $1.2 billion.

Akash Network is an open-source cloud network that operates in a decentralized manner, catering to decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains, and AI. Last month, Coinbase, a leading US crypto exchange, listed AKT for trading, following its inclusion in the platform’s listing roadmap in February.

The development team behind the Akash project recently announced a summit in Austin, Texas, scheduled for May 28th. This event, called Akash Accelerate ’24, aims to bring the entire Akash community together for a full-day conference featuring presentations and panel discussions from experts in the decentralized AI field.

Akash Network was built using the Cosmos (ATOM) software development kit (SDK) and operates on the Cosmos blockchain. Its primary goal is to establish a decentralized marketplace for cloud computing, allowing the pooling and redistribution of unused computing power to customers in need.

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