- The group is working together so that more developers will use the NEAR Protocol.
- It has surged 13% in the last 24 hours to its current price of $1.60 as per CMC.
According to reports, Chinese IT giant Alibaba Cloud has partnered with the non-profit NEAR Foundation which developed the decentralized platform NEAR Protocol to promote Web3 throughout Asia and the Middle East.
The native token of the ecosystem, NEAR, had its value increase by more than 13 percent following the announcement.
Boosting NEAR Protocol Exposure
The goal of the cooperation is to provide NEAR Foundation access to the global developer community offered by Alibaba Cloud. The group is working together in the hopes that more developers will use the NEAR Protocol.
New validators may be issued by developers using the “plug-and-play” infrastructure provided by Alibaba Cloud. Additionally, the two parties committed to providing 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 an important one as we continue to support Web3 developers to explore opportunities.”
While using Alibaba Cloud’s infrastructure, customers will also get access to NEAR Blockchain Operating System (BOS), a platform released earlier this year that enables developers to build onto and communicate with other users.
The announcement sent the price of NEAR up almost instantly. It has surged 13% in the last 24 hours to its current price of $1.60 as per CMC. NEAR, like Bitcoin and many altcoins, has seen substantial increases recently, rising by almost 26% in the last week.
Recently, Alibaba announced the appointment of Joseph Tsai as its new chairman. Tsai is a prominent investor in Web3 and has inked many partnerships with organizations involved in the cryptocurrency industry.
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