Near Protocol price jumps to a three-week high after Alibaba partnership

In order to accelerate Web3 growth in Asia and the Middle East, the NEAR Foundation, the non-profit organization responsible for the ecosystem development of the NEAR protocol, has partnered with Alibaba Cloud, the computing and storage arm of the Chinese tech giant Alibaba Group Holding Ltd (NYSE: BABA).

The partnership gives the NEAR Foundation access to Alibaba Cloud’s developer ecosystem throughout Asia and the Middle East in an effort to entice more developers to build on the NEAR protocol. The “plug-and-play” infrastructure as a service provided by Alibaba Cloud will enable developers to launch new NEAR validators.

Procedure calls (RPC) for Near Protocol developers

According to a press release, the NEAR Foundation and Alibaba Cloud will provide remote procedure calls (RPC) as a service to developers and users within the NEAR ecosystem. Users will be able to read data on blockchains and send transactions to various networks using RPC, a type of computer server.

Additionally, the two (Alibaba Cloud and Near Protocol) will provide developers with a multi-chain indexing application programming interface (API) for data-querying.

Near Protocol users will also be able to use the NEAR Blockchain Operating System (BOS) while using Alibaba Cloud’s infrastructure.

The partnership comes days after Alibaba hired a new Chairman by the name of Joseph Tsai, who has been an active Web3 investor and has signed multiple deals with crypto-related firms.

NEAR price

The price of NEAR, the native token of Near Protocol, has responded very positively to the new partnership. The token is now trading at where it was trading on June 5, 2023, which is a huge step towards its recovery after falling for three consecutive days.

Although the surge was quite sudden, the bullish momentum is still strong and we could see the price go higher especially due to the current crypto market bullish sentiment