QTUM Price Rouses on News of AWS China Partnership

QTUM Price Rouses on News of AWS China Partnership

Chinese platform coin and ecosystem QTUM has partnered with Amazon Web Services (AWS) China to provide smart contract creation for all users. The news triggered an upswing in the price of QTUM, which had been drifting sideways until then.

Aiming to offer blockchain-as-a-service for enterprises, the Chinese project has brought its smart contract creation features to Amazon Machine Image.

Cloud services like Microsoft Azure and AWS have proved beneficial for the crypto space, with some rented and cloud computing power used to run nodes. However, some are skeptical on whether these so-called partnerships are real, or it is just regular usage of cloud computing.

https://twitter.com/decentralistdan/status/1052591567884746752

QTUM also claimed to be the first blockchain partnering with AWS, but the service has appealed to other projects with its specialized templates for Ethereum and similar technologies in the blockchain space.

Following the news, the QTUM price broke out of its sideways drift, jumping from $3.66 to around $4.06 as of 13:00 UTC on Wednesday. In the past week, QTUM has seen several sudden price moves, rising from lows near $3.40. Still, the asset remains relatively depressed and far from the potential three-digit figure in the most bullish predictions.

Skeptics see the news as overhyped participation in the Amazon AMI marketplace. QTUM remains risky and volatile, with another price slide expected from the $4 level. The reason for this, as Reddit users remarked, was the terminology of Amazon - a partner is anyone who provides “software solutions that are either hosted on or integrated with the AWS platform.” The wording inadvertently resembles a more exclusive business partnership, but it basically means subscribing to the service.

QTUM is extremely risky because most of the trading is concentrated on the LBank exchange, a relatively new market with an unknown reputation. QTUM sees 15% of its volumes against Tether (USDT), but the biggest weight has trading against Bitcoin (BTC).

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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