Tencent Cloud has announced its support for the Web3 ecosystem and revealed the roadmap for its blockchain API services and Tencent Cloud Metaverse-in-a-Box offerings. The move is aimed at providing technical support and nurturing a better Web3 ecosystem.
According to Poshu Yeung, Senior Vice President of Tencent Cloud International, "At Tencent Cloud, we see a future with Web3, a new iteration of the internet that ushers in the concept of 'Immersive Convergence' where the physical and digital economies meet and integrate."
Tencent Cloud aims to offer cloud solution credits, marketing workshops, and publicity opportunities to Web3 builders across various fields, such as security, storage, identity management, middleware, development tools, and data and analytics. The company is looking to empower start-ups and Web3 builders to integrate new developments more seamlessly through the Tencent Cloud Web3 Ecosystem Alliance.
Selected Web3 builders will receive priority on product integration and co-creation with Tencent and its partners. Tencent signed a Memorandum of Understanding (MoU) with Ankr and got into strategic collaborations with Avalanche, Scroll, and Sui – a lesser-known Layer-1 blockchain.
Tencent Cloud's announcement comes as its global partners are increasingly looking to integrate their operations and services to adapt and scale into Web3. At the Tencent Cloud Web3 Build Day in Singapore, the company outlined its plan to promote the sustainable growth and development of the Web3 ecosystem.
By offering technical support and resources to Web3 builders, Tencent Cloud hopes to create a more immersive experience for businesses and nurture a better Web3 ecosystem.
Is China’s anti-crypto sentiment shifting?
Tencent Cloud's announcement of new Web3 initiatives and partnering with blockchain firms certainly suggest so. Reports over the past couple of months indicate that Representatives from China’s Liaison Office and other officials have been frequent guests at the city’s crypto gatherings. In an interview Justin Sun, the Founder of Tron, said “Beijing sees Hong Kong as one of the experiment zones for cryptocurrency”.
Hong Kong's aspiration to become a fintech hub has gained explicit approval from Chinese officials in recent months. However, it remains unlikely that Beijing will ease its crypto ban due to concerns over consumer protection. In 2017, China initiated its crackdown on cryptocurrencies, and in 2021, it prohibited trading. Consequently, some of China's prominent domestic players, such as Binance and Tron, have left the country.
Earlier this month, Hong Kong outlined its ambitions to become the global crypto hub. On February 20, Hong Kong also unveiled plans to let the retail sector trade top crypto tokens like bitcoin. Individual retail investors will be allowed to trade large-cap coins on exchanges licensed by the Securities and Futures Commission, providing safeguards.
Written by
Samwel
Samwel is a seasoned financial analyst with over 5 years of experience covering the global stock market, Forex, and crypto market.
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