NEAR’s price surges after partnering with Alibaba.

  • The price of NEAR increased by double digits on Monday after news of a partnership with Alibaba.
  • The NEAR token rose to a 3-week high of $1.61, which hasn’t been seen since early June.
  • The increase in NEAR’s price followed news of a partnership between the NEAR Foundation and Alibaba Cloud to support Web3 in Asia and the Middle East.

The NEAR Foundation, a non-profit organization that helps develop the NEAR blockchain, has formed a significant partnership with Alibaba Cloud, the computing and storage division of the Chinese tech giant, Alibaba.

Following this news, the price of NEAR Protocol jumped by double digits, rising from $1.35 to $1.61 early on Monday. This 3-week high for NEAR/USD comes as the broader crypto market seeks to continue building on last week’s upward momentum which was fueled by the news of the spot Bitcoin ETF.

NEAR Foundation partners with Alibaba Cloud

The NEAR Foundation will collaborate with Alibaba Cloud to promote Web3 adoption in Asia and the Middle East.

According to an announcement from the Swiss non-profit organization, the partnership will give NEAR access to the cloud computing provider’s developer ecosystem.

More developers across Asia and the Middle East will be able to use the network as they build on the NEAR protocol. Specifically, this partnership means that NEAR Protocol developers can easily utilize Alibaba Cloud’s “plug-and-play” infrastructure.

Users will also benefit from the remote procedure calls (RPC) as-a-service offering, which allows for multi-chain access to blockchain data and transactions.

The partnership with Alibaba Cloud comes just days after the NEAR Foundation teamed up with Vortex Gaming, the Web3 subsidiary of South Korea-based gaming company, INVEN. The partnership aims to improve Web3 gaming on Vortex Gaming and the NEAR game ecosystem, including through offline hackathons.

Vortex Gaming will use both NEAR’s layer-1 protocol and the Blockchain Operating System (BOS), an open-source OS for the open web. The NEAR Foundation announced BOS in March, bringing a multi-chain compatible layer for browsing and discovering the Open web into the ecosystem.

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