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Verizon was the highest bidder in the government auction for 5G development.

Verizon was the highest bidder in the government auction for 5G development, according to the Motley Fool.

The Federal Communications Commission (FCC) announced the result of the auction last Tuesday. The auction took place on August 25 for priority-access licenses in a portion of the 3.5 GHz band. It raised $4.54 billion from 228 bidders.

Verizon accounted for almost $1.9 billion of the $4.54 billion, which made the company the most successful bidder. At number 2 was DISH Network, spending $913 million. Verizon did not release a statement regarding the results of the auction. Although, it is common knowledge that the company has the goal of becoming the main 5G provider.

5G offers ultra-fast speeds that will be good as the world shifts more to working from home amid the pandemic. The next auction for 5G is set for December.

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