Web3 adoption is heating up globally, with significant developments in crypto regulations and the introduction of CBDCs in various economies. The Near Foundation, based in Zug, Switzerland, is actively fostering Web3 growth in Asia through a partnership with China’s Alibaba Group. By leveraging Alibaba’s Cloud solutions, the Near Foundation aims to empower developers to build on its blockchain infrastructure. This collaboration comes as more Web3 players recognize the potential of the densely populated and tech-savvy Asian continent.
The Near Foundation, a non-profit organization, oversees funding, ecosystem development, and core governance of the energy-efficient and eco-friendly Near blockchain, which operates on a Proof-of-Stake (PoS) consensus mechanism. With the partnership, the Near Foundation aims to attract Web3 developers, including those from China, to utilize its blockchain for their solutions and products. Alibaba Cloud and the Near Foundation will provide remote procedure calls (RPC) as a service to developers within the Near ecosystem, allowing seamless access to blockchain data and other features. Additionally, Alibaba Cloud’s infrastructure will enable Web3 developers to leverage Near’s Blockchain Operating System (BOS) for building and connecting with others in the ecosystem.
For Alibaba, this partnership signifies an important milestone under the leadership of Executive Vice Chairman Joseph Tsai, who is known for his enthusiasm for blockchain and Web3 investments. While China currently bans crypto-related activities, blockchain solutions that simplify engagement with crypto may find favor among Chinese developers.
This isn’t Near’s first venture into the Asian market. In February, the foundation collaborated with Indian multimedia company Shemaroo Entertainment to introduce immutability, transparency, and decentralization to India’s entertainment and media industry through blockchain technology.
Moreover, gaming-focused blockchains are also shifting their attention from western markets to Asia. The region boasts a massive gaming community that generates significant revenue. According to DappRadar’s research, India, China, Japan, and South Korea collectively have over 1.7 billion video game players. This substantial user base has enticed Web3 gaming companies to prioritize the Asian market for expansion.
With these strategic moves, the Near Foundation and other Web3 players are tapping into Asia’s potential, aiming to drive innovation, adoption, and collaboration in the region’s rapidly evolving blockchain ecosystem.