Alibaba Cloud, the Chinese IT giant, has joined forces with the non-profit NEAR Foundation to promote Web3 in Asia and the Middle East. As a result of this partnership, the value of NEAR, the ecosystem’s native token, has surged by over 13%.
The main objective of this collaboration is to provide the NEAR Foundation with access to Alibaba Cloud’s global developer community. By working together, both parties hope to encourage more developers to utilize the NEAR Protocol.
Developers using Alibaba Cloud’s “plug-and-play” infrastructure can now issue new validators, while both companies have committed to offering remote procedure calls (RPC) to the NEAR ecosystem.
Raymond Xiao, director of international Web3 solutions at Alibaba Cloud Intelligence, stated:
“The NEAR Foundation and Alibaba Cloud partnership is significant as we continue to support Web3 developers in exploring opportunities.”
In addition to using Alibaba Cloud’s infrastructure, customers will also have access to NEAR Blockchain Operating System (BOS), a platform that enables developers to build on and communicate with other users.
Following the announcement, the price of NEAR experienced an instantaneous increase. It has risen by 13% in the last 24 hours, reaching its current price of $1.60 according to CMC. Over the past week, NEAR, much like Bitcoin and several altcoins, has seen significant growth, increasing by nearly 26%.
Alibaba recently appointed Joseph Tsai as its new chairman. Tsai, a prominent investor in Web3, has formed numerous partnerships with organizations involved in the cryptocurrency industry.
Compiled by Coinbold