Alibaba Cloud has recently come to the fore with its collaboration with popular networks and organizations. However, it looks like he has finally entered the Bitcoin and altcoin space with his latest collaboration. Alibaba has formed a partnership with Avalanche, behind the popular cryptocurrency AVAX. The technology giant aims to further accelerate Web3 support. Here are the details…
Avalanche and Alibaba become partners
Avalanche has announced that it is included in the public blockchain of Alibaba Cloud. Thus, Alibaba will support validators and provide cutting-edge infrastructure. Also, according to the announcement, the new partnership will lead users to launch validator nodes through the service. Apart from that, it will allow Alibaba Cloud to access computing, storage and distribution resources through its suite of products. Avalanche is an eco-friendly smart contract platform. It features transactional certainty and a new scaling technology that enables both institutions and individuals to build private Blockchains as a service.
Avalanche developers looking to launch new Avalanche validators can easily do so with Alibaba Cloud’s plug and play infrastructure as a service (IaaS/Infastructure as a Service). To keep up with user activity, application developers can also add additional cloud infrastructure to support their applications during peak demand.
Avalanche and Alibaba provide comprehensive services
Founded in 2009, Alibaba Cloud, the technology and intelligence backbone of Alibaba Group, is Asia Pacific’s leading IaaS provider. On the other hand, Avalanche Elastic provides a comprehensive suite of cloud computing services to customers worldwide, including computing, database, storage, network virtualization, large-scale computing, security, management and application services.
Since its launch in September 2020, Avalanche; Aave has more than 1,000 projects built on the platform, including top DeFi projects like Curve, BENQi, Sushi, and Chainlink, and enterprise apps for leaders like Deloitte and Lemonade. The network is currently protected by more than 1,200 validators. It also processes an average of two million transactions per day.
Altcoin price jumps
Following these developments, the value of Avalanche’s AVAX altcoin rose. AVAX managed to rise from $12.99 to $13.70 on a daily basis. At the time of writing, it is changing hands at $13.38, up 2.6 percent. In other words, it slightly rasped its earnings after the development. Meanwhile, the coin is about 90 percent below its all-time high of $146, recorded on November 21, 2021.
