In a statement, the Federal Communications Commission (FCC) said, a unit of Verizon Communications Inc has won multiple bids worth around $1.9 billion during the auction of a key spectrum block in the 3.5 GHz band.

Totally, 228 bidders won bids worth nearly $4.6 billion for the mid-band spectrum block.

The auction of the spectrum will further aid in the deployment of next-generation 5G networks and the Internet of Things (IoT).

The auction of 91% of the spectrum demonstrated that there is indeed “strong demand”, said FCC Chairman Ajit Pai.