Aptos and Alibaba Cloud Partner to Elevate Web3 in APAC

By Ben Knight November 21, 2023 In Aptos
Source: Adobe Stock
  • Aptos, a potential competitor to Solana and Ethereum, has partnered with Alibaba Cloud.
  • The collaboration intends to cultivate elite talent within the APAC region and fund some of the brightest new blockchain projects.
  • APTOS, the Aptos network’s native coin, has seen increased volume following the news, although price action has been mostly uninspiring.

Aptos (APT) is a relatively new smart contract-based network, boasting high throughput and low transaction fees in direct competition with DeFi ecosystems like Solana and Ethereum. In spite of the project’s infancy (only going live in November 2022), Aptos has already accumulated several high-profile partnerships pushing the protocol toward greater adoption. Perhaps the most impressive collaboration yet was announced last night, with Singaporean tech giants Alibaba confirming they’d entered into a business partnership with Aptos.

Asia Pacific Region the Name of the Game

The Asia Pacific (APAC) region of cryptocurrency is often overlooked, given the biggest market’s (China) withdrawal from the scene. However, Singapore, South Korea, Australia and Japan comprise some of the fastest-growing crypto infrastructure in the world. This is what the collaboration between Aptos and Alibaba Cloud aims to target – building Web3 talent and accessibility within the region.

In general, the partnership has several upfront goals that are focused on fostering new developers and elite skill sets within the industry. This will involve an Accelerator program, which is essentially an incubation system for exciting new projects in the blockchain field. Additionally, the team will host several hackathons and local events to continue improving adoption and technology in the region.

Aptos is Excited About the Potential of Their Partnership With Alibaba Cloud

Aptos’ leadership team already has ample experience with high-ranking tech businesses, with several of their executives hailing from Facebook’s (now Meta) old crypto-focussed team

The project’s President of Ecosystems and Grants, Bashar Lazaar, said:

As Aptos Foundation focuses on accelerating mass adoption in the APAC region, we eagerly look forward to partnering with Alibaba Cloud as the next step. We are excited to see and support the game-changing ideas of tomorrow’s leading developers

Bashar Lazaar

Investor reaction was subdued, but positive, with the price of APTOS rising immediately following the news, but quickly falling back to where it started.

Aptos (APT), daily chart, source: CoinMarketCap
Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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