Near Protocol (NEAR) Surges 10% as Alibaba Partnership Sparks Investor Excitement

NEAR Foundation and Alibaba Cloud Collaboration Fuels Price Rally and Web3 Growth in Asia

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Near Protocol (NEAR), the 35th largest market cap cryptocurrency, experienced a price spike this Monday. It rose 10% in the early morning hours, going from USD 1.35 to USD 1.60, following a development linked to Alibaba, China’s leading e-commerce company.

The cryptocurrency’s issuer, NEAR Foundation, made it known through press statements that it is teaming up with Alibaba Cloud in a bid to attract developers to build on its Layer 1 network of decentralized applications. It communicated that this initiative seeks to accelerate the growth of Web3 in Asia and the Middle East.

Alibaba Cloud is the Chinese tech giant’s company that provides online storage and computing services in a cloud to different companies. Among those using this tool is even Alibaba itself, which is the world’s largest e-commerce company after Amazon, based on market capitalization.

According to the announcement, NEAR Foundation and Alibaba Cloud will offer remote procedure calls (RPC) as a service to developers and users in the NEAR ecosystem. RPC is a type of computer server that allows users to read data on blockchains and send transactions to different networks.

In addition, the partnership will enable multi-chain indexing to provide a data query application programming interface (API) to developers. In turn, Alibaba Cloud users will be able to use the NEAR Blockchain Operating System (BOS), a platform launched earlier this year that allows developers to build and interact with each other.

With this initiative, NEAR reached its highest price in 3 weeks and positioned itself as the top 100 cryptocurrency with the highest rise in the last 24 hours, according to CoinMarketCap.

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