NEAR surged to a three-week high, standing just shy of $1.60.
The NEAR Foundation – a Switzerland-based non-profit organization behind the decentralized platform NEAR Protocol – has reportedly teamed up with the Chinese tech behemoth Alibaba Cloud to support the advancement of Web3 in Asia and the Middle East.
The price of NEAR – the native token of the ecosystem – reacted positively, spiking by over 12% shortly after the announcement.
The partnership will supposedly allow NEAR Foundation access to Alibaba Cloud’s developer network across the aforementioned regions. One goal of the collaboration is to attract more users to build on the NEAR Protocol.
Developers will also be able to issue new validators through Alibaba Cloud’s “plug-and-play” infrastructure.
In addition, the two entities vowed to provide remote procedure calls (RPC) as a service to participants of the NEAR ecosystem.
“The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities,” Raymond Xiao – head of international Web3 solutions at Alibaba Cloud Intelligence, reportedly stated.
NEAR’s USD valuation headed north immediately after the news broke. It currently hovers around $1.56, representing 12% in less than an hour.
Similar to Bitcoin and many of the alternative coins, NEAR has marked significant gains lately, being up approximately 26% on a seven-day basis.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
