The NEAR Foundation Partners with Alibaba Cloud: Boosting NEAR Protocol and Coin Value

The NEAR Foundation, a non-profit organization dedicated to promoting the development and adoption of the NEAR Protocol, has recently announced a partnership with Alibaba Cloud. This collaboration has resulted in a significant surge in the value of the NEAR altcoin, with a 31% increase in the past week and a 12% gain in just one hour following the partnership announcement.

NEAR Foundation and Alibaba Cloud Collaboration

The NEAR Foundation focuses on the development and widespread adoption of the NEAR Protocol, a scalable and user-friendly blockchain platform designed for decentralized applications (dApps). Through collaboration with developers, companies, and stakeholders, the foundation aims to enhance the functional capabilities of the protocol and facilitate the broader adoption of decentralized applications.

The recent partnership between the NEAR Foundation and Alibaba Cloud, a subsidiary of the globally renowned Alibaba Group, holds significant promise for the future of NEAR. Alibaba Cloud, currently ranked as the fourth-largest organization globally in terms of data hosting and cloud computing, operates several large-scale data centers across Asia. This strategic collaboration aims to expand the NEAR network’s development footprint in Asia and attract major investors from the region.

The market response to this partnership has been overwhelmingly positive. The NEAR protocol coin, influenced by the collaboration, has seen an impressive surge in value. With a growth rate surpassing 31% over the past week and a momentary 12% increase immediately following the partnership announcement, the NEAR coin has reached an all-time high. At the time of writing, the coin’s value stands at $1.60, compared to $1.21 just a week ago.

New CEO, Joseph Tsai: A Strong Supporter of the Crypto Industry

Simultaneously with the announcement of the NEAR Foundation’s collaboration with Alibaba Cloud, a significant leadership change has taken place within Alibaba. Joseph Tsai has been appointed as the new CEO, succeeding Daniel Zhang, who had assumed the role following the mysterious disappearance of Jack Ma, the company’s co-founder. Jack Ma fell under scrutiny after publicly criticizing the Chinese government.

Joseph Tsai’s ascension to Alibaba’s top position is particularly notable, as he has demonstrated himself to be an outspoken advocate for the cryptocurrency industry. His affinity for crypto was succinctly expressed in a concise yet impactful tweet on his personal Twitter account:

I like crypto

— Joe Tsai (@joetsai1999) December 28, 2021

Indeed, Tsai’s public endorsement of the crypto industry further solidifies his commitment to fostering its growth and innovation.

The partnership between the NEAR Foundation and Alibaba Cloud, along with the appointment of Joseph Tsai as Alibaba’s new CEO, represents a significant development in the evolution of both the NEAR Protocol and the broader cryptocurrency landscape. This collaboration has not only propelled the NEAR altcoin’s value but also opened doors for expanded adoption and investment opportunities.