Alibaba Cloud, the cloud technology arm of Chinese technology giant Alibaba Group, came to the fore with a web3 coin partnership. Alibaba Cloud signed memorandum of understanding with Sui network. Here are the details…
Alibaba announces web3 coin partnership
Mysten Labs, the first developer of the Sui layer-1 blockchain, has signed a memorandum of understanding with Alibaba Cloud, a branch of the Chinese technology company Alibaba Group (BABA), which has a market capitalization of $235 billion. Alibaba Cloud will provide archival node services for validators and secure cloud infrastructure for Sui’s testnet to help create more user-friendly experiences. These are seen as an important factor for more people coming to Web3 than Web2.
The two companies will also collaborate to develop sustainable Web3 ecosystems and explore potential opportunities in the e-commerce and payments industries. “We are excited to work with Mysten Labs to bring our secure technology and proven solutions to this nascent space to provide more user-friendly, immersive Web3 experiences,” said Daniel Jiang, General Manager, Middle East, Turkey and Africa, Alibaba Cloud. Also added the following:
By leveraging Alibaba Cloud’s trusted and world-class security and global adaptability, and strong infrastructure coverage around the world, we are in a strong position to facilitate the growth of the Web3 ecosystem to better serve customers with scalable, highly efficient and secure infrastructure.
Alibaba Cloud focuses on web3 space
Alibaba Cloud provides a range of cloud computing services, including elastic computing, database, storage, large-scale computing and application services. In December, Alibaba Cloud announced its Blockchain Node Service, which provides Web3 developers with a scalable, efficient and secure infrastructure. Mysten Labs was started by former executives of Meta Platforms (Facebook) working on the discontinued Diem Blockchain project. Sui is an advanced proof-of-stake blockchain that uses consensus mechanism and new data structures to deliver high performance while maintaining low costs.
cryptocoin.com As we reported, according to Crunchbase data, Mysten Labs’ layer-1 blockchain, Sui, has garnered significant interest from venture investors, raising a total of $336 million since late 2021. Yet the network is still not initialized and remains in a testnet stage. Mysten Labs has made seven balance sheet investments in companies like Ethos and Scale3 Labs, according to Crunchbase data. The Sui blockchain leverages the Move programming language developed at Meta and uses new data structures to create a fast and cost-effective Blockchain.
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