Mysten Labs Partners With Alibaba Cloud to Support Sui Ecosystem’s Growth
- Mysten Labs signed a memorandum of agreement with Alibaba Cloud.
- The two company will also work together to create long-term Web3 ecosystems and investigate possible prospects in the e-commerce and payment industries.
- Alibaba Cloud launched its Blockchain Node Service in December, providing Web3 developers with scalable, efficient, and secure infrastructure.
Mysten Labs, a Web3 infrastructure startup and the first Chinese Layer 1 blockchain developer, has announced the signing of a Memorandum of Understanding (“MOU”) with Alibaba Cloud, the Alibaba Group’s digital technology and intellectual backbone.
According to the terms of the MOU, Alibaba Cloud will provide archival node services and secure cloud infrastructure for validators on Sui’s testnet to assist in the creation of more user-friendly experiences, which is widely regarded as a key factor in attracting more Web2 people into the Web3 space.
Moreover, both sides will look at prospects for collaboration in the e-commerce and payments areas.
Evan Cheng, Mysten’s Co-Founder and Chief Executive Officer, stated:
“Alibaba Cloud has demonstrated a strong commitment to facilitating the growth of Web3 with its trusted and secure cloud infrastructure. We are excited to partner together to introduce entities in e-commerce, payments and other areas to the possibilities enabled by Sui and blockchain technology overall.”
Alibaba Cloud announced the release of its Blockchain Node Service in December 2022, which will support the evolution of the Web3 ecosystem by providing developers with scalable, efficient, and secure infrastructure that supports product development and deployment to enable more user-friendly, immersive Web3 experiences.
Former executives from Meta’s Novi Research and the principal creators of the Diem blockchain and Move programming language founded Mysten. Sui, the Company’s first project, is a decentralized, proof-of-stake blockchain that capitalizes on significant advances in consensus algorithms and unique data structures to create a high-performance, low-cost Layer 1.
In September, Mysten closed a $300 million funding round led by FTX Ventures, raising the company’s valuation to $2 billion.
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