- Tencent Cloud has signed an MoU with Web3 blockchain infrastructure platform Ankr.
- The company also revealed partnerships with Avalanche, Ethereum scaling solution Scroll and Mysten Labs’ Sui blockchain.
- Tencent Cloud is looking to help promote Web3 adoption.
Tencent Cloud, the cloud business division of tech giant Tencent, has signaled its commitment to Web3 development with a major announcement.
On 22 February, the company revealed it was looking to be a significant contributor to the evolution of Web3. Tencent made the developments public at the Tencent Cloud Web3 Build Day, an industry-focused event held in Singapore on Wednesday.
Tencent Cloud “preparing for the Web3 future”
As part of this goal, Tencent Cloud has signed a Memorandum of Understanding (MoU) and sealed strategic partnerships with multiple blockchain platforms. Tencent’s roadmap towards the objective includes development of blockchain API services and foundational infrastructure for growing the Web3 global community.
Poshu Yeung, Senior VP at Tencent Cloud International, commented on these collaborations, noting that the company is bullish on the future of Web3.
“With more businesses now keen to explore and adapt to an efficient, transparent digital future, we are ready to leverage our many years of technical experience in the fields of games, audio, and video to provide strong technical support for Web3, and work with industry partners to create a more immersive experience and nurture a better Web3 ecosystem,” Yeung added.
Tencent partners Ankr, Avalanche and other blockchain platforms
As highlighted in our price prediction for Ankr (ANKR), Tencent Cloud has signed an MoU with the Web3 infrastructure provider in a collaboration that looks to help develop a suite of blockchain application programming interface (API) services.
Tencent also announced strategic partnerships with Ava Labs’ smart contracts blockchain platform Avalanche, zkEVM zk-Rollup platform Scroll and Mysten Labs’ Layer-1 blockchain Sui. The collaborations will help accelerate Web3 adoption, the firm said.
Apart from the three partnerships, the company has unveiled its Metaverse-in-a-Box product, a one-stop solution that offers high-performance, out-of-box software development kits (SDKs). The low-code solution offering provides for wide application across gaming, media and entertainment.
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Tencent, the $700 billion company, has joined forces with Ankr and Avalanche in an effort to promote the growth of Web3. The Chinese tech giant’s involvement will undoubtedly promote increased adoption of Web3 and decentralized services at both the corporate and consumer level.
Tencent is a world leader when it comes to various Internet services and its partnership with Ankr and Avalanche is part of its overall strategy to expand its influence even further. The company is currently the fifth-largest company in the world, having surpassed a valuation of $700 billion in 2020.
Ankr and Avalanche are two projects that specialize in creating networks for Web3 applications. Web3 is a new way of interacting with the internet that uses blockchain technology to provide a decentralized infrastructure. By working with Ankr and Avalanche, Tencent is looking to further its aim of providing users with safer, faster, and more efficient online services.
The two companies have already established a wide range of partnerships with different companies and organizations. They have also been working on projects that could bring Web3 to the mainstream.
The two were participants at the Ethereum 2.0 London Hackathon, which saw 1,000 developers from across the globe come together. During the event, they focused on optimizing Ethereum, laying the groundwork for Web3 development.
Ankr and Avalanche are currently both using Tencent’s Cloud, which further indicates that the Chinese giant is investing in their products to support Web3.
The partnership could offer Tencent a great way to tap into the decentralized world. Through such a deal, the company will be able to offer its vast array of services to users of Web3. Such a move would be beneficial to Tencent as it has already established a vast customer base.
Tencent’s move to invest in and promote Web3 is a sign that the technology is beginning to gain momentum, which will inevitably lead to greater adoption. With the increasing demand for decentralized services, such partnerships will surely continue to increase in the future. Only time will tell what the future holds for the collaboration between Tencent, Ankr and Avalanche.