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Crypto Exchange Coinbase Adds Support for Solana-Based Decentralized GPU Network Altcoin

October 10, 2024

Coinbase is adding support for one artificial intelligence (AI)-focused altcoin on the Solana (SOL) network.

In a new announcement, the top US crypto exchange says that decentralized physical infrastructure network (DePIN) io.net (IO) is being added to the platform for trading.

Says Coinbase,

“Trading will begin on or after 9 a.m. Pacific Time on October 9th, 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our IO-USD trading pair will launch in phases. Support for IO may be restricted in some supported jurisdictions.”

IO is trading for $1.77 at time of writing, down more than 3% in the last 24 hours. With a current market cap of $168 million, iot.net is the 295th-largest crypto project.

The io.net project aims to harness idle graphics processing units (GPUs) for use by machine learning (ML) and AI projects.

Says the project website,

“We make computing more scalable, accessible and efficient. Our mission is to unlock fair access to computing power by assembling 1 million + GPUs from independent data centers, crypto miners, and crypto projects such as Filecoin or Render. The major cloud providers currently have around 10-15 exaFLOPS of GPU compute capacity available. However, given the surging volume of AI/ML model training and inferencing workloads, the potential demand for GPU compute in the cloud could be as high as 20-25 exaFLOPS.”

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