MultiversX Teams Up With Tencent To Bring Strong Technological Support For Web3

February 16, 2023 - Around 3 mins mins to read

Key Points:

Tencent will utilize the MultiversX network infrastructure to build new products in the Web3 and metaverse spaces.
The existing synergies between the two companies have been amplified by MultiversX’s unveiling of three strategic Metaverse products and Tencent Cloud’s commitment to the Web3 world and the Metaverse space.

On Thursday, MultiversX announced a partnership with Tencent Cloud to support the growth of the latter’s Web3 products.

MultiversX Teams Up With Tencent To Bring Strong Technological Support For Web3

MultiversX, formerly known as Elrond, has changed its name to emphasize its metaverse ambitions. Tencent will make use of the network to roll out a range of blockchain-based goods. Tencent has already engaged in industries like gaming and audiovisual tech.

Tencent has created this new infrastructure layer at MultiversX. The first comprehensive solution capable of managing demand on a global scale at costs and scale similar to the internet while adding special features that bring about a major change in UX.

MultiversX’s announcement of three important Metaverse products—xPortal, xFabric, and xWorlds—as well as Tencent Cloud’s dedication to the Web3.0 era and the Metaverse market have strengthened the already-existing synergies between the two companies.

“The MultiversX focus on delivering the backbone of a globally scalable, open, composable, and interoperable ecosystem of Metaverse worlds is a defining factor in our strategic partnership with Tencent Cloud. We are excited to work with Tencent Cloud and expand on this vision”, said Beniamin Mincu, MultiversX CEO.

The top technological business in the world will gain from MultiversX’s solutions, which include a no-code interface for installing blockchains and apps, a user-friendly gateway serving as a bridge between worlds, and a full suite of Metaverse tools.

Additionally, a new high-performance, secure, and dependable alternative to run on Tencent Cloud’s infrastructure services will soon be available for the 10,000+ machines that make up the MultiversX network.

Tencent Cloud is also considering running a validator node to directly improve the network security of MultiversX. The collaborative opportunities that are being investigated also include cooperative programs and efforts for forthcoming developer events.

The maker of the well-known messaging app WeChat spent $70 million on blockchain technology in May 2020.

The portfolio of the enormous Chinese IT giant, which also includes the messaging app WeChat, includes Tencent Cloud as its cloud offering.

The company implemented support for the Digital Yuan in WeChat’s wallet in January 2022. Tencent’s business approach has encountered regulatory difficulties. Due to regulatory scrutiny, Tencent stopped trading on its Huanhe non-fungible token (NFT) platform in August 2022.

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