China’s global technology company, Tencent Cloud, has sparked a stir with its new step to support blockchain developers. The recently revealed altcoin partnership brought double-digit earnings.
Tencent Cloud collaborates with this altcoin project
According to the official announcement, Tencent Cloud is joining forces with the Web3 project to support the developers at Injective (INJ). This collaboration aims to contribute to the growth of the Injective ecosystem, starting with the developers at the Injective Global Virtual Hackathon.
Tencent Cloud’s support will provide access to world-class cloud infrastructure in the Injective hackathon, enabling winners to quickly bring their ideas to life.
Launched on April 10, 2023, the Injective Global Virtual Hackathon has received the participation of major developers, experts interested in DeFi and Web3 finance. This hackathon aims to bring together the brightest minds at Injective to launch innovative dApps and showcase the potential of next-generation DeFi.
This collaboration between Tencent Cloud and Injective was an indication of the growing interest in the Web3 ecosystem. In recent months, Tencent Cloud has offered developers a wide variety of infrastructure, high-performance products, and ready-to-use software development kits.
Injective (INJ) price rises in double digits after news
Ranking 66th by market cap, the altcoin is rising around 13% at the time of the collaboration with Tencent Cloud. The price rally led from the daily low of $8.48 to $9.88. It should be noted that the current rally of INJ price is the latest in a series of double-digit green candles that has been going on since last week.
Meanwhile, Injective has released its latest weekly update revealing a lot of positive developments. Most notably, the network enabled multi-fiat launcher for local INJ. Injective also confirmed the mainnet integration with the Kraken exchange. These announcements are important to the network as they highlight greater access to liquidity.
Additionally, whether the bears will take control over the INJ will largely depend on whether the whales will start selling. Addresses holding more than 10 million INJs to date control 74% of INJ’s circulating supply.
About Tencent Cloud
Tencent Cloud is a leading provider of cloud services worldwide. It is under the umbrella of Tencent, a world-leading internet and technology company known for owning products such as QQ & WeChat, the most widely used communication and social service in China.
Tencent Cloud provides organizations and startups with stable and secure infrastructure, top-tier solutions, and comprehensive cloud services that they can use to build secure, flexible, and scalable products. The global resource network and product tools aim to improve the user experience while offering competitive advantage.
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