NEAR protocol feels a boost following Alibaba Cloud partnership

NEAR Protocol's token surged to a three-week high of $1.60, according to CryptoSlate's data, following the announcement of its Foundation partnership with Alibaba Cloud. Over the past month, NEAR has declined by nearly 4%, reaching as low as $1.17 on June 15 before slowly rebounding to its current levels.

Timeline of Near-protocol

In order to accelerate Web3 growth in Asia and the Middle East, the NEAR Foundation, the non-profit organization responsible for the ecosystem development of the NEAR protocol, has partnered with Alibaba Cloud, the computing and storage arm of the Chinese tech giant Alibaba Group Holding Ltd (NYSE: BABA).

NEAR Protocol's Blockchain Operating System (BOS) is a novel approach to the world of web3 that looks at the entire blockchain ecosystem and attempts to create a framework to abstract “janky” usability and complex user journeys.

The NEAR Protocol price analysis shows that the NEAR price action has crumbled to the $1.20 mark after the bulls failed to maintain support at the $1.40 price level. Currently, the price action has fallen to the $1.20 level and seems to be moving further down.

The NEAR Protocol price analysis shows that the NEAR price action found support at the $1.400 mark and the bullish momentum has enabled the price to return to the $1.420 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $1.450 mark.

NEAR Foundation announced a strategic partnership with Mirae Asset Securities, a subsidiary of Asia's largest financial group Mirae Asset and a leading company in the securities industry, for Web3 and security token technology (STO, Security Token Offering) business collaboration.

NEAR Foundation, the non-profit that supports the on-going growth and development of the Near Protocol, and Outlier Ventures, the global Web3 investor and accelerator, announced the launch of the NEAR Base Camp accelerator program.

The NEAR Protocol has partnered with Shemaroo Entertainment to promote Web3 adoption in the Indian media and entertainment market. NEAR x Shemaroo Comes To India Shemaroo Entertainment Limited, one of India's leading media conglomerates, has joined hands with the NEAR Foundation to promote the adoption of Web3 technology in the Indian media and entertainment industry.

The dollar has weakened, and risk assets trade inversely to the dollar. As the dollar loses strength, it becomes less appealing to investors, and this capital quickly finds its way into the digital asset space.

Nansen recently announced their partnership with NEAR protocol in order “to provide on-chain insights to their ecosystem.” The team says they are pleased to announce their collaboration with NEAR, “a growing Layer-1 blockchain, to provide advanced analytics for ecosystem developers and investors.

Cosmose AI, the Singapore-based company specializing in AI-driven in-store foot traffic analytics and customer engagement, has partnered with Near Protocol, a blockchain competitor to Ethereum, to develop a low-cost crypto payment system. The move aims to increase cryptocurrency adoption among the general public, as the innovative payment system offers considerable savings for buyers and sellers.