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Akash Network’s AKT token surges 50% on South Korea’s Upbit listing
Akash Network, a decentralized cloud computing platform, has seen its token AKT The token rose to nearly $7 on Tuesday listed on the South Korean stock exchange Upbit.
AKT has jumped more than 50% in the past 24 hours after trading steadily at $4 for the past week.
Upbit is the largest cryptocurrency exchange in South Korea by trading volume. AKT currently has a market capitalization of $1.45 billion, according to data from Messari.
Akash was created using the Cosmos software development kit (SDK) and implemented on Blockchain of the cosmos. It is an open network that offers users the ability to buy and sell computing resources through its marketplace. Connect server owners who need computing power to host applications with cloud computing resources.
The company too announced the “Akash summit” will be held on Monday, which will take place in May. The summit will focus on the decentralized artificial intelligence (AI) space.
Akash Network fits into a broader context “DePIN” fiction., which has recently attracted considerable 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 in this space, and we expect to see more and more operators leveraging decentralized networks for non-cryptographic use cases,” Iyer said.