NEAR Foundation and Alibaba Cloud enter into partnership

NEAR Foundation and Alibaba Cloud will start working together from now on. With the partnership, NEAR aims to boost the growth of Web3 in Asia.

The nonprofit behind the development of the NEAR Protocol is partnering with a unit of Chinese tech giant Alibaba. This reports Coindesk.

According to the report, NEAR will now partner with Alibaba Cloud to access Asia's developer ecosystem. It should also be easy to launch validators for the NEAR blockchain through Alibaba Cloud's "plug-and-play" infrastructure.

The collaboration with NEAR is "important" on the way to "nurturing Web3 developers and seeking new opportunities," said Raymond Xiao, head of Web3 solutions at Alibaba Cloud.

Since the announcement yesterday, NEAR's stock price has risen and is up nearly 20% on a 7-day basis.