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This Protocol Teams With Alibaba, Token Sours Over 12%

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By Jaden Francis - - 5 Mins Read
NEAR protocol logo displayed on a smartphone on a laptop
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NEAR protocol logo displayed on a smartphone on a laptop
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The price of Near Protocol has surged to new heights, thanks to its successful partnerships with one of the largest cloud computing brands in Asia.

 

The Near token is owned and controlled by The NEAR Foundation, which is a Switzerland-based non-profit organization behind their decentralized platform NEAR Protocol. The latest Near Protocol investor is the cloud computing giant Alibaba, and they partnered with the intention of supporting one of the major goals of the crypto project. Near partnered with Alibaba Cloud to increase their reach with their Web3 advancement in the Middle East and Asia. 

 

This partnership with Alibaba is already yielding good fruits for the Near Protocol as its price has skyrocketed. Shortly after both parties made the announcement, the token's price increased by more than 12%.

 

The Near protocol is an open-source platform that allows decentralized finance developers to create apps faster. Their new partnership with Alibaba helped to put the token on the right path further, as its price crossed the $1.58 level within the past 24 hours. When you compare this token's weekly and monthly charts, you will see the massive benefits it is already reaping from this partnership. 

 

As June began, the token was off to a positive start, reaching $1.65 on May 28th and maintaining its upward trend with a recorded figure of $1.63 on June 4th. However, the NEAR token took a downward turn, hitting a low of $1.17 on June 15th before gradually recovering.

 

Fortunately, the recent partnership with Alibaba has given the Near Protocol price a boost, reaching $1.58 in the past day. This collaboration has helped reduce the negative trend in June from -26% on June 15th to only -2% today, with a weekly gain of over 28%. It's been a rollercoaster ride, but things are looking up for the token.

More Details About the Deal With Alibaba Cloud 

Now you know the positive effects of the Alibaba deal with Near protocol, you should also be aware of the deal's details and what it offers to the crypto firm. Truth be told, the deal packs a lot and could potentially be the solution to Near Protocol's objective of expanding to more continents. 

 

Alibaba website viewed from a magnifying glass
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CoinDesk was one of the first sources that revealed the deal's details. Apparently, Near Protocol was looking forward to creating their Near Validators using Alibaba Cloud’s "plug-and-play" infrastructure as a service. When this service is launched, it will be available for developers in Asia and the Middle East for wider reach. 

 

"The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities. It is also significant for developers and validators in the Asian markets, as they can leverage Alibaba Cloud’s comprehensive infrastructure in Asia," Raymond Xiao, head of international Web3 solutions at Alibaba Cloud Intelligence, said.

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