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NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia

The partnership will offer multi-chain indexing to provide data-query API to developers.

By Lyllah Ledesma
AccessTimeIconJun 26, 2023 at 6:00 a.m. UTC
Updated Jun 26, 2023 at 7:15 p.m. UTC
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The NEAR Foundation, the non-profit behind the ecosystem development of the NEAR protocol, is joining with Alibaba Cloud, the Chinese tech giant’s arm for computing and storage, to accelerate Web3 growth in Asia and the Middle East, the organization said Monday.

The partnership grants the NEAR Foundation access to Alibaba Cloud's developer ecosystem across Asia and the Middle East in a bid to attract more developers to build on the NEAR protocol, said the company in conversation with CoinDesk. Developers that want to launch new NEAR validators will be able to do so with Alibaba Cloud’s "plug-and-play" infrastructure as a service.

The NEAR Foundation and Alibaba Cloud will offer remote procedure calls (RPC) as a service to developers and users in the NEAR ecosystem, a press release said. RPC is a type of computer server that allows users to read data on blockchains and send transactions to different networks. It will also offer multi-chain indexing to provide data-query application programming interface (API) to developers.

Users will also be able to use the NEAR Blockchain Operating System (BOS), a platform it launched earlier in the year that allows developers to build into and interact with other users, while using Alibaba Cloud’s infrastructure.

The price of NEAR jumped 8% to $1.57 on Monday after the Alibaba announcement.

This comes as Alibaba recently announced the hiring of its new Chairman, Joseph Tsai, who has been an active Web3 investor and has signed multiple deals with crypto-related entities.

“The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities,” said Raymond Xiao, head of international Web3 solutions at Alibaba Cloud Intelligence.

“It is also significant for developers and validators in the Asian markets, as they can leverage Alibaba Cloud’s comprehensive infrastructure in Asia.”

UPDATE (June 26, 07:30 UTC): Adds NEAR's price jump in fifth paragraph.

Edited by James Rubin.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

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