Alibaba Cloud Builds Metaverse Launchpad on Avalanche

Named Cloudverse, the launchpad is designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces.

AccessTimeIconMay 4, 2023 at 3:27 p.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The cloud division of Chinese tech behemoth Alibaba (BABA) has built a launchpad for businesses to deploy metaverses on the Avalanche blockchain.

Named Cloudverse, the launchpad is designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces to try and find new ways of engaging with their customers.

Avalanche will provide the technology for building the metaverse spaces, while Alibaba Cloud will provide the computing and storage, according to an emailed announcement on Thursday.

The partnership is Alibaba's second such tie-up with a blockchain network in less than a month, following its agreement with Mysten Labs, developer of the Sui Layer 1 blockchain, to provide node services for validators on the network's testnet.

Avalanche's native token AVAX was little affected by the initial announcement of the news, rising less than 1% from $16.86 to $16.98 as of 15:20 UTC (11:20 a.m. ET).

Edited by Nelson Wang.




Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.