MultiversX announced on Thursday that it has teamed up with Tencent Cloud to aid in the expansion of the Chinese tech giant’s Web3 offerings. Tencent Cloud is a component of Tencent’s vast technology portfolio, which includes the popular messaging application WeChat.
MultiversX, formerly known as Elrond, recently underwent a rebranding to shift its focus to metaverse initiatives. Through its partnership with MultiversX, Tencent Cloud will be able to expand its suite of blockchain-based products.
Tencent, one of the world’s largest internet and technology companies, which has previously worked in the gaming and audiovisual tech spaces, is now looking to explore the potential of Web3 and the metaverse, and will use the MultiversX network infrastructure to achieve this.
https://twitter.com/beniaminmincu/status/1626244532302929922
MultiversX CEO Beniamin Mincu emphasized the importance of cloud computing as a driving force for innovation across various technologies, including blockchain and AI. He expressed excitement about the new partnership with Tencent Cloud, which will explore opportunities in payments, Web3 hubs, infrastructure, staking services, and the metaverse.
In May 2020, Tencent, the firm behind the well-known messaging app WeChat, invested $70 million into blockchain technologies. Since then, the company has made several moves in the blockchain and digital asset space, including adding support for China’s Digital Yuan in WeChat’s wallet in January 2022.
Also, Leo Li, the Vice President of Europe at Tencent Cloud International, stated in a press release about the partnership:
“We are committed to supporting the global Web3 community in adopting critical technologies to facilitate deeper connections between the virtual and real worlds.”
Tencent has encountered regulatory obstacles in its approach. In August, the company was forced to suspend trading on its Huanhe non-fungible token (NFT) marketplace due to regulatory scrutiny.
