Coinbase Introduces New AI-Focused Altcoin for Trading

Coinbase has announced its support for a new AI-focused altcoin to its trading platform.

The major US crypto exchange is adding io.net (IO), a decentralized physical infrastructure network (DePIN), to its platform.

According to Coinbase, trading for IO is expected to begin on October 9, 2024, at 9 a.m. Pacific Time, provided liquidity conditions are met. Initially, the IO-USD trading pair will roll out in phases, and access to IO may be limited in certain regions.

At present, IO is priced at $1.77, down over 3% in the past 24 hours, with a market cap of $168 million, making it the 295th largest cryptocurrency.

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The io.net project aims to utilize idle graphics processing units (GPUs) for machine learning (ML) and artificial intelligence (AI) applications.

The project’s website highlights its goal of creating a more scalable and accessible computing network by tapping into over one million GPUs from various sources, including independent data centers and crypto projects.

With AI and ML demand on the rise, io.net seeks to address the growing need for GPU computing capacity, which could exceed 25 exaFLOPS.

Kosta Gushterov