The decentralized platform, NEAR Protocol, backed by the Swiss non-profit organization, The NEAR Foundation, has recently entered into a strategic partnership with Alibaba Cloud, a tech giant based in China. This collaboration has been initiated with the aim of propelling the growth of Web3 across Asia and the Middle East. The announcement of this partnership has had a positive impact on the price of $NEAR, the platform’s native token, which saw a surge of over 12% soon after the news came to light.
Partnership Details
The partnership between The Foundation and Alibaba Cloud is expected to facilitate access to Alibaba Cloud’s extensive network of developers across Asia and the Middle East for the token. One of the primary objectives of this alliance is to encourage more users to create applications on the NEAR Protocol.
Developers will also have the opportunity to issue new validators through the “plug-and-play” infrastructure provided by Alibaba Cloud.
Moreover, both organizations have pledged to offer Remote Procedure Calls (RPC) as a service to the participants of the ecosystem.
Impact on NEAR’s Market Value
Following the announcement of the partnership, NEAR’s USD valuation saw an immediate surge. The token’s value currently hovers around $1.56, reflecting a 12% increase in less than an hour.
In line with many alternative coins and Bitcoin, the token has also shown significant gains recently, recording an approximate increase of 26% over a seven-day period.
