MultiversX, a blockchain company that recently rebranded from Elrond, has announced its partnership with Tencent Cloud, the cloud computing component of Chinese tech giant Tencent. The collaboration aims to expand MultiversX’s Web3 products and explore new routes for payments, infrastructure, staking services, and the metaverse.
According to MultiversX CEO Beniamin Mincu, cloud computing is crucial for innovation, and the partnership with Tencent Cloud will help the company leverage blockchain, AI, and other critical technologies to connect virtual and real worlds.
The partnership with Tencent Cloud comes after the Chinese company invested $70 million into blockchain technologies in May 2020 and added support for Digital Yuan in WeChat’s wallet in January 2022. The collaboration is expected to help the global Web3 community adopt critical technologies to enhance the connections between the virtual and real worlds, as stated by Tencent Cloud International’s Vice President of Europe, Leo Li.
Despite its success, Tencent has faced regulatory challenges due to its strategies. In August 2022, the company suspended trading on its Huanhe non-fungible token (NFT) marketplace following regulatory scrutiny.
The partnership between MultiversX and Tencent Cloud is likely to have significant implications for the Web3 space. With Tencent’s massive presence in China and MultiversX’s innovative blockchain solutions, the collaboration could be a major driver of the metaverse’s growth and development. It will be interesting to see how the partnership progresses and what new products and services they will bring to the market.
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