This Altcoin Announces Collaboration With Chinese Giant Tencent: Its Price Suddens!

MultiversX (EGLD) altcoin It announced on Thursday that it has partnered with Tencent Cloud to help the company expand its Web3 products.

Tencent, one of the largest companies in China, is also known as the owner of China’s popular messaging application WeChat.

Agreement Signed Between EGLD Altcoin and Tencent

MultiversX, formerly known as Elrond, had recently rebranded to focus on metaverse ventures. Tencent, which has previously worked in areas such as gaming and audiovisual technology, will use this network to distribute a range of blockchain-based products.

Beniamin Mincu, CEO of MultiversX, said in a statement:

“From blockchains to artificial intelligence and beyond, cloud computing is a necessity and an enabling force for innovation. We are excited to join forces with Tencent Cloud to explore exciting routes in a new strategic partnership between the two companies on payments, Web3 hubs, infrastructure, staking services and the metaverse.”

Tencent, the company behind the popular messaging app WeChat, invested $70 million in blockchain technologies in May 2020. In January 2022, the company added support for the Digital Yuan to WeChat’s wallet.

“We aim to support the global Web3 community in adopting critical technologies to build deeper connections between the virtual and real worlds,” said Leo Li, Vice President of Tencent Cloud International Europe, in a press release about the partnership.

Tencent also faced regulatory challenges with this strategy. In August 2022, the company had stopped trading on the Huanhe non-fungible token (NFT) market due to regulatory scrutiny.

*Not investment advice.