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- The collaboration aims to encourage more developers to adopt the NEAR Protocol.
- It has increased by 13% over the past 24 hours, reaching a current value of $1.60 according to CMC.
Reports indicate that the Chinese technology leader Alibaba Cloud has formed a partnership with the non-profit NEAR Foundation, which created the decentralized platform NEAR Protocol, to advance Web3 initiatives across Asia and the Middle East.
The ecosystem’s native token, NEAR, experienced a value rise of over 13 percent following this announcement.
Enhancing NEAR Protocol Visibility
The partnership’s objective is to grant the NEAR Foundation access to the extensive global developer network provided by Alibaba Cloud. The collaboration is intended to encourage increased adoption of the NEAR Protocol among developers.
Developers may create new validators utilizing the “plug-and-play” infrastructure offered by Alibaba Cloud. Furthermore, both parties have pledged to supply remote procedure calls (RPC) to the NEAR ecosystem.
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Raymond Xiao, director of international Web3 solutions at Alibaba Cloud Intelligence remarked:
“The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities.”
By leveraging Alibaba Cloud’s infrastructure, users will also gain access to the NEAR Blockchain Operating System (BOS), a platform launched earlier this year that facilitates development and communication among users.
The announcement prompted an immediate increase in NEAR’s price. It has risen 13% in the last 24 hours to its current price of $1.60 according to CMC. NEAR, similar to Bitcoin and various altcoins, has experienced significant growth recently, climbing nearly 26% over the past week.
Recently, Alibaba disclosed the appointment of Joseph Tsai as its new chairman. Tsai is a notable investor in Web3 and has established numerous partnerships with entities engaged in the cryptocurrency sector.
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