Alibaba Cloud, Huawei Cloud, and Tencent Cloud have all entered the currency circle, eyeing the emerging Web3 market

Alibaba Cloud's recent frequent actions show its strategic direction in the Web3 field.

Due to the strict supervision of currency-related projects by the Chinese regulatory authorities, Alibaba Cloud’s above-mentioned actions are quite cautious. Not only are the release channels overseas, but even the product introduction on the official website is only displayed in English.


At present, in addition to Baidu Cloud, Alibaba Cloud, Huawei Cloud, and Tencent Cloud have all entered the currency circle, eyeing the emerging Web3 cake. Against the backdrop of slowing growth and intensified competition in the cloud market, a new round of confrontation between the giants in the incremental market has begun.


Alibaba Cloud joins hands with Youbi Blockchain to provide cloud services


In December last year, Alibaba Cloud announced that it would expand its cloud infrastructure technology and development tool series to the Avalanche blockchain, opening up infrastructure as a service (IaaS) capabilities. This allows Asian users of Alibaba Cloud to launch validator nodes, build products, etc. on Avalanche.

On May 5, Alibaba Cloud also announced its support for the BNB Chain Zero2Hero incubator to provide underlying cloud services for the deployment of start-up encryption projects on the BNB Chain blockchain. BNB Chain is a public chain incubated by the encrypted asset exchange Binance, and it is also a typical currency circle project.

The cooperation between Alibaba Cloud and the currency circle project Elastos expects to reimagine the digital platform and experience.

Alibaba Cloud and Nodereal provide web3 enterprise solutions.

It is worth noting that the above-mentioned business news related to "Youbi Blockchain" comes from Alibaba Cloud's official Twitter account, and even the introduction about Cloudverse on its official website is also displayed in English. Encrypted currency and virtual currency have always been a sensitive topic in China. Domestic regulatory authorities have issued regulatory regulations many times. It is obviously safer to use overseas entities.


Why does Alibaba Cloud squeeze into Web3 where people in the currency circle are concentrated?


According to industry leaders, Alibaba Cloud hopes to open the entrance to the Web3 world through Cloudverse. Blockchain technology and virtual worlds are gaining popularity. In particular, the rising demand in the Asia-Pacific region has prompted Cloudverse to land.


Not only Alibaba Cloud, but the other two giants in the domestic market, Huawei Cloud and Tencent Cloud, have already extended their tentacles to Web3.


In February of this year, during its 2023 Asia-Pacific Partner Leaders Summit, HUAWEI CLOUD took the lead in launching the Metaverse & Web3.0 Alliance, and announced several partners in the Web3 field, including BlockChain Solutions, Deepbrain Chain, Polygon, Morpheus Labs, etc. Similar to Avalanche, most of the aforementioned partners of HUAWEI CLOUD are "currency-related" projects.


Tencent Cloud's Web3 footsteps have not fallen. Also in February, it specially held a theme summit of "Tencent Cloud Web3 Construction Day" in Singapore, and announced the development roadmap of a full set of blockchain API services and a "Metaverse-in-a-Box" The product, which is similar to Alibaba Cloud's Cloudverse, provides on-chain Metaverse development solutions, suitable for game, media and entertainment application development and deployment. At the summit, Tencent Cloud also announced that it has reached cooperation with four currency circle projects, Ankr, Avalanche, Scroll, and Sui.


However, it is obvious that cloud vendors are worried about policy regulation. The three major cloud giants have kept a low profile on the news of Web3 business expansion in the domestic market, and they have also selected related product and partner conferences overseas. And their competitors are Google Cloud and Amazon Cloud, which do not need to take into account regulation.


In May last year, Google formed a Web3 team to provide back-end services for developers running blockchain applications. In October last year, Google Cloud also announced that it would allow some customers to use cryptocurrencies to pay for cloud services; Amazon Cloud has been Provide services for companies in the currency circle. In 2022, citing the disclosure of Amazon Cloud employees, its overseas market share revenue accounted for 70%, and of this 70%, the revenue brought by blockchain business is expected to account for more than half .


The rapid growth trend presented by the emerging market of Web3. According to reports from market research and consulting companies, the Web3 market size will reach US$81.9 billion in 2032, with a compound annual growth rate of 44.5%. Among them, the market in the Asia-Pacific region will grow faster, with an expected compound annual growth rate of 47%.


Web3 provides a new cake, and a new round of confrontation rolls overseas.



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