Internet of Service Token (IOST) network’s native token rose 8% to as high as $0.01269 following its partnership with Amazon Web Services (AWS).

IOST retraced to $0.01203 at the time of writing, according to CryptoSlate’s data.

IOST-Amazon partnership

According to a Mar. 2 statement, the partnership is meant to drive the advancement of Web3 by “creating a secure and scalable blockchain platform that delivers a seamless user experience.”

The new partnership will see IOST integrate AWS 3.0 solutions into its ecosystem, which would improve its web3, metaverse, DeFi, and NFT offerings.

“[IOST will be] leveraging AWS’s global reach, robust network computing power, AI/ML tools, and decentralized IT architecture, IOST will onboard more developer teams worldwide to create a secure and distributed digital economic system.”

IOST was launched in 2018 to build an ultra-high transaction per second blockchain using a novel proof of believability consensus algorithm.

The network has a previous history with AWS. The network’s Blockchain-as-a-Service (BaaS) platform went live on the AWS marketplace in 2019. IOST’s foundation also became the first blockchain project interviewed and advertised by AWS China in 2020.

Meanwhile, Amazon Web Services is one of the biggest cloud platforms and has made recent forays into the crypto industry.

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