Near Protocol (NEAR) is the 35 th cryptocurrency in terms of market cap. She experienced a price spike on Monday. Indeed, the price of the token NEAR rose 10% in the early morning from $1.35 to $1.60. This increase follows the announcement of the partnership with Alibaba, the Chinese leader in e-commerce.
Alibaba – Near Protocol partnership: What does it consist of?
Near Foundation, through a press release, made public its association with Alibaba Cloud. The goal is to get developers to use on its application layer 1 network decentralized. This will ultimately accelerate the growth of Web3 in Asia and the Middle East.
As a reminder, Alibaba Cloud is the Chinese technology giant’s company that provides online storage and computing services. alibaba who is the largest e-commerce company in China and the second in the world after Amazon, uses its own Cloud. She will probably be the first to benefit from this new partnership.
In the press release, we learn that NEAR Foundation and Alibaba Cloud will offer Remote Procedure Calls (RPC) as a service to developers and users in the NEAR ecosystem. RPCs are servers that allow clients to read Blockchain data and send transactions to different networks.
NEAR price rise: optimistic investors
The new partnership will increase the utility of Near Protocol, which makes investors optimistic and causes the price of NEAR to rise. Indeed, there are some benefits that suggest Near adoption will also go up. First, there will be multi-string indexing for provide a data query application programming interface (API) to developers. Second, Alibaba Cloud users will be able to use the NEAR Blockchain (BOS) operating system. This system was set up at the beginning of this year. Indeed, the goal is to allow developers to build and interact with each other.
No surprise therefore that the NEAR token has reached its highest price in three weeks. He joins the club of 100 cryptocurrencies having undergone the strongest price increase in 24 hoursaccording to CoinMarketCap data.
Near Protocol finds new utility by providing new services to Alibaba Cloud users. Joseph Tsai, new leader at Alibaba, seems very Web3 oriented judging by its many partnerships and investments. Could this be the sign of a return of cryptocurrencies in China?
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