NEAR Protocol feels a boost following Alibaba Cloud partnership NEAR Protocol feels a boost following Alibaba Cloud partnership
The partnership with Alibaba Cloud would grant access to the cloud developer ecosystem in key regions.
1 min read
Updated: Sep. 8, 2023 at 12:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NEAR Protocol’s token surged to a three-week high of $1.60, according to CryptoSlate’s data, following the announcement of its Foundation partnership with Alibaba Cloud.
Over the past month, NEAR has declined by nearly 4%, reaching as low as $1.17 on June 15 before slowly rebounding to its current levels. The token had retraced to $1.58 at the time of writing, according to CryptoSlate’s data.
Near Foundation partners with Alibaba Cloud
NEAR Foundation reportedly said the partnership with Alibaba Cloud would grant access to the cloud developer ecosystem in critical regions such as Asia and the Middle East.
This means that NEAR could attract new developers to its blockchain network protocol via Alibaba Cloud’s plug-and-play infrastructure and remote procedure calls (RPC) as a service. Users will also have access to NEAR’s Blockchain Operating System (BOS) through Alibaba Cloud.
Raymond Xiao, the head of Alibaba Cloud Web3 Solutions, said the partnership is essential to support Web3 developers. Xiao added:
“[I]t is also significant for developers and validators in the Asian markets, as they can leverage Alibaba Cloud’s comprehensive infrastructure in Asia.”
Coindesk first covered the report.
Alibaba Cloud web3 moves
Meanwhile, the new partnership marks Alibaba Cloud’s latest collaboration with a web3-related Organization.
Over the past year, the computing and storage subsidiary of the Chinese tech giant had earlier announced partnerships with Avalanche (AVAX) and Mysten Labs.
Its partnership with Avalanche would allow customers to launch and maintain their customized metaverse spaces, Cloudverse, on the blockchain network.
Before that, the technology firm offered tools allowing individuals to launch Avalanche validator nodes seamlessly.
Additionally, Alibaba Cloud partnered with Mysten Labs, the Sui (SUI) Blockchain developer, to provide cloud infrastructure for validators and archival node services.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly blockchain.
Avalanche
$39.7803
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
NEAR Foundation
NEAR Foundation is a non-profit foundation headquartered in Zug, Switzerland that is responsible for contracting protocol maintainers, funding ecosystem development, and shepherding core governance of the NEAR protocol.