Qtum was higher today in a quiet cryptocurrency market as traders digest the foundation’s AWS deal.
Trading 8% higher in early trading, Qtum slipped to a gain of over 3% on the day. The general market was quiet with only NEM and Tezos showing gains in the top twenty coins by market cap. The Singapore-based Qtum foundation had called the AWS partnership a “ground breaking” deal that sees them provide smart contract technology to the China division of AWS.
Qtum bounced off resistance at the $4.75 level, however a move above that could see the coin almost double in price. The coin currently sits at number 26 in the list of coins with a market cap of $387 million and 89 milion coins in circulation. VeChain currently holds twentieth spot with a market cap of $617 million so it would take gains of 100% in Qtum to move into top twenty.
Qtum has announced that they are partnering with Amazon Web Services (AWS) in a “ground-breaking” deal to explore Blockchain-as-a-service (BaaS).
Further details of the tie-up were released on Qtum’s blog. The Singapore-based project will provide smart contract development on AWS. Developers will be able to launch smart contracts via an Amazon Machine Image (AMI). As the platform grows AWS and QTUM will expand their services for developers and customers.
The deal makes Qtum the first open-source blockchain to partner with AWS and the foundation’s CIO Miguel Palencia commented,
Qtum’s launch on the AWS marketplace provides an easy-to-use and powerful cloud-based solution for end users and enterprise. Anyone who wants to develop and build dapps on the Qtum platform or use it as a staking node will benefit from this.
News of the AWS deal has seen a 6.58% gain in Qtum’s price to $3.91 and the coin currently has a market cap of $348 million according to data from coinmarketcap.
Qtum have been given the greenlight by AWS to show their worth in the smart contracts arena. If they do so, further opportunities may lie in wait with the retail giant.