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.

The post NEAR Protocol feels a boost following Alibaba Cloud partnership appeared first on CryptoSlate.

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Filed under: Bitcoin - @ June 26, 2023 12:06 pm