What the numbers say: Blockchain-based decentralized application (dApp) platform NEAR Protocol's native token NEAR jumped by almost 15% within the day. The token's price increased to as much as $1.62, up from $1.47. The popular cryptocurrency also saw a similar surge in market cap. The figure rose from $1.26B, the low of the day, to the $1.47B level. Relevance: The increase in the NEAR's price followed the announcement of a strategic partnership between the NEAR Foundation, the non-profit organization behind NEAR Protocol, and Alibaba Cloud, Chinese e-commerce giant Alibaba's cloud computing division. The two companies said the collaboration aims to accelerate Web3 growth in Asia and the Middle East. As part of the deal, the two firms will mutually offer access to their developer ecosystems and infrastructure to each other. Brands that should care: Alibaba Cloud also has several other partnerships with the leading blockchain firms, including the Avalanche network and Mysten Labs, the firm behind the Layer-1 blockchain Sui. |
