The price of the AI cryptocurrency shot up after Binance announced its support

An AI-focused altcoin project has seen a surge in price after receiving the backing of leading crypto exchange Binance.

Binance recently announced , that the decentralized artificial intelligence network io.net (IO) will be available for trading on its platform.

Binance will additionally add IO not only to Binance Margin, Binance Futures, but also to Binance Auto-Invest at various times which will be between June 11th and June 13th currently. IO is now valued at $5.69, representing a 46.6% increase in the last 24 hours.

After Binance's announcement, the IO token, which has a market capitalization of over $534 million, hit a record price of $5.4. The io.net project has the primary goal of creating a decentralized computing network that will provide machine learning engineers with access to distributed cloud clusters at a lower cost.

One of the initiatives is to help cloud service providers solve the problems of high costs and long waiting times to connect to hardware:

"We envision IO as the currency of computing, powering an ecosystem of products and services that enable computing to be used as both a resource and an asset."