The cryptocurrency market has started to move in the red zone again. Leading crypto Bitcoin dropped to 61 thousand dollars. Apart from exceptions, altcoins that are at the forefront of the crypto league are also on a downward trajectory. However, there are also tokens moving in the opposite direction. One of them was Sui Network, which announced an important partnership. Following the development, the altcoin price started to rise.
Partnership between Sui Network and TikTok parent companyk formed, altcoin jumped!
BytePlus announced a major partnership with Mysten Labs, the company behind Sui Network (SUI). Under this partnership, the company will integrate artificial intelligence algorithms and data storage technology into the Sui Blockchain ecosystem. BytePlus forms the technology arm of TikTok’s parent company, ByteDance. So the company switched to Web3. In the statement, it was stated that the focus would be on Web3 gaming and SocialFi projects, and that experience in artificial intelligence and data storage would be used to strengthen the Sui ecosystem. Sui Network also announced the development on its X account.
SUI jumped from its intraday low of $1.14 to $1.26 following the news. Although the altcoin later lost altitude, it continues to trade close to these levels. At the time of writing, SUI was changing hands at $1.24, up 8.5% on a daily basis. Although this increase does not seem high for the crypto market, it is not bad at all when evaluated together with the negative atmosphere in the market.
What will cooperation bring to the parties?
The partnership will enable BytePlus to integrate its cloud-native data warehouse, called ByteHouse, with Sui’s full node data. BytePlus integration can provide infinite scalability and real-time data processing, which can increase Sui’s analytics capabilities. Mysten Labs will benefit from ByteHouse’s high-performance and low-maintenance structure. Thus, there will be the opportunity to accelerate data delivery for users on the Sui network. Evan Cheng, co-founder and CEO of Mysten Labs, expressed his views on the partnership. Cheng said this collaboration will “revolutionize” data analytics in the Web3 space. In this regard, Cheng also made the following statement:
The integration of cutting-edge artificial intelligence and visual algorithms into Sui means a leap forward for the user experience on Web3 gaming platforms and SocialFi projects.
The partners of the partnership continue to grow!
ByteDance company continues to grow by investing in Web3 technology and establishing new partnerships. The company launched a startup working on Blockchain and artificial intelligence. Additionally, it is trying to obtain a virtual banking license in Singapore.
On the other hand, its new partner Sui Network is also developing rapidly and growing with new partnerships. cryptokoin.comAs you follow from , Sui Foundation collaborated with a university in the United Arab Emirates. In this context, the Altcoin project launched a Blockchain academy. Additionally, Greek exchange ATHEX announced that it will launch a new fundraising mechanism through the Sui Blockchain ecosystem. All these steps aim to strengthen ByteDance’s leadership position in the field of Web3 technology.
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