HomeNewsNEAR Protocol Skyrockets on the Back of Alibaba Partnership, Surging 12% and...

NEAR Protocol Skyrockets on the Back of Alibaba Partnership, Surging 12% and Setting Its Sights on Continued Growth

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  • The NEAR Foundation has reportedly partnered with Alibaba Cloud to bolster Web3 development in Asia and the Middle East, leading to a 12% surge in the value of NEAR, the native token of the NEAR Protocol.
  • The partnership allows NEAR Foundation to leverage Alibaba Cloud’s extensive developer network and infrastructure to attract more developers to the NEAR Protocol and provide services such as Remote Procedure Calls (RPC) and multi-chain indexing.

In a watershed moment for the blockchain sector, the NEAR Foundation, a Switzerland-based non-profit steering the decentralized platform NEAR Protocol, has declared a partnership with Chinese technology titan Alibaba Cloud. This collaboration aims to facilitate the evolution of Web3, the decentralized internet, in Asia and the Middle East. The announcement has been received positively in the market, as evidenced by a rapid 12% surge in the value of NEAR, the ecosystem’s native token, shooting it up to a three-week high.

The new alliance promises NEAR Foundation access to Alibaba Cloud’s extensive developer network across the aforementioned regions. This access is designed to inspire more developers to create on the NEAR Protocol. Alibaba Cloud’s “plug-and-play” infrastructure will empower these developers to issue new validators, promoting further integration within the network.

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In line with the partnership’s commitments, NEAR and Alibaba Cloud pledged to offer Remote Procedure Calls (RPC) as a service to the NEAR ecosystem’s participants. RPCs are computer servers that facilitate users in reading data on blockchains and transmitting transactions across various networks. The collaboration also promises to provide multi-chain indexing, a feature that provides a data-query Application Programming Interface (API) to developers.

The recent announcement has resulted in a bullish trend for the NEAR token, with its value soaring around $1.56, marking a 12% increase within an hour. The token, akin to Bitcoin and other altcoins, has been showing notable gains recently, recording an approximate increase of 26% over the past week.

This strategic partnership comes on the heels of Alibaba’s announcement of appointing its new Chairman, Joseph Tsai, an active investor in Web3. The fusion of NEAR Foundation and Alibaba Cloud highlights a significant advancement for developers and validators in Asian markets, capitalizing on Alibaba Cloud’s extensive infrastructure in Asia. This cooperative endeavor stands as a significant stride in supporting Web3 developers to harness emerging opportunities in the blockchain sphere.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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