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Home » Cryptocurrency NEAR up 10% after alliance with Alibaba

Cryptocurrency NEAR up 10% after alliance with Alibaba

Near Protocol (NEAR), the 35th largest cryptocurrency by market cap, saw its price surge on Monday. In the early hours, it rose 10% from $1.35 to $1.60 after seeing a move related to Alibaba, China’s largest e-commerce company.

The issuer of the cryptocurrency, NEAR Foundation, given knowledge by statements to the press that it is joining Alibaba Cloud in an attempt to entice developers to build on top of its Layer 1 network of decentralized applications. He reported that this initiative aims to accelerate Web3’s growth in Asia and the Middle East.

Alibaba Cloud is the Chinese tech giant’s company that provides cloud storage and online computing services to various businesses. Even Alibaba itself, the e-commerce company, is among those using this tool greater in the post-Amazon world based on market capitalization.

According to the announcement, the NEAR Foundation and Alibaba Cloud will offer Remote Procedure Calls (RPC) as a service to developers and users in the NEAR ecosystem. RPC is a type of computer server that allows users to read in data Blockchain and send transactions to different networks.

In addition, the partnership will enable multi-chain indexing to provide developers with an application programming interface (API) for data queries. In turn, Alibaba Cloud users can leverage the NEAR Blockchain Operating System (BOS), a platform launched earlier this year that allows developers to build and interact with others.

“The partnership between the NEAR Foundation and Alibaba Cloud is important as we continue to support Web3 developers to explore opportunities (…). This is also important for developers and validators in Asian markets as they can benefit from Alibaba Cloud’s extensive infrastructure in Asia.”

Raymond Xiao, Head of International Web3 Solutions at Alibaba Cloud Intelligence.

NEAR’s price is up 10% at the start of the week. Source: CoinMarketCap.

With this initiative NEAR reached its peak price in 3 weeks According to Explorer, it has been positioned as the top 100 cryptocurrency with the highest increase in the last 24 hours CoinMarketCap. This puts it in the list of altcoins with the highest profits reported by CriptoNoticias.

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