Impossible Cloud Network (ICN), a decentralized cloud infrastructure provider, has launched its native token $ICNT on major centralized exchanges including Binance, Bybit, Kraken, Gate.io, and Bitget, following a $34 million funding round that valued the company at $470 million.
The Switzerland-based firm said the token launch marks a major step as it aims to offer a decentralized alternative to centralized cloud providers such as Amazon Web Services and Google Cloud.
ICN’s infrastructure integrates storage, compute, and networking services, operating on a permissionless, open, and composable cloud model.
The latest investment round was led by NGP Capital, a Nokia-backed venture fund known for supporting deep tech firms like Xiaomi and Helium. Other participants in the round include 1kx, No Limit Holdings, Protocol VC, and HV Capital.
ICN claims to be the first decentralized cloud provider to match or outperform centralized hyperscalers in areas such as latency, availability, and overall performance.
Its network currently handles over 23,000 cloud requests per second from more than 1,000 enterprise clients, making it one of the most active decentralized physical infrastructure networks (DePINs) in the market.
The $ICNT token is designed to serve multiple functions within the ICN ecosystem. It can be used for provisioning hardware capacity, staking to secure cloud workloads, and earning rewards through HyperNodes.
By linking the token directly to real-world infrastructure and utility, ICN said it aims to support long-term demand for its services.
The launch comes amid growing demand for decentralized and sovereign cloud infrastructure, fueled by surging interest in AI, concerns over U.S. tech dominance, and global hardware shortages.
ICN is positioning itself as a foundational layer for a new generation of internet services that require secure, scalable, and decentralized backend infrastructure.
ICN’s founder and CEO, Kai Wawrzinek, previously led Goodgame Studios to unicorn status and a NASDAQ listing in 2017.
The company is now leveraging its traction in the enterprise space to accelerate adoption of its decentralized cloud model, with plans to scale to more than 200 distinct cloud services.