China-based tech creator of Wechat, Tencent, has partnered with the network infrastructure provider MultiversX to develop new offerings in the metaverse and Web3 ecosystems.
According to MultiversX, the company chose to partner with Tencent to enable MultiversX to further develop its products. Tencent Cloud is the China-based company’s cloud component. The massive Chinese company’s portfolio also features WeChat, the popular messaging app.
Formerly well-known as Elrond, MultiversX went through a rebranding process to have its metaverse projects at the centre of its attention. Tencent, after previously investing in audiovisual and gaming tech, will leverage MultiversX to release a range of products based on blockchain tech.
According to the CEO of MultiversX, cloud computing is a necessity for blockchain, AI and more, and enables innovation. According to him, MultiversX partnered with Tencent Cloud to discover new routes for Web3hubs, staking services, infrastructure, payments, and the metaverse.
Tencent poured USD 70 million into blockchain tech in May 2020. In January of this year, Tencent’s WeChat wallet introduced support for the digital yuan. The VP of Europe for Tencent Cloud International declared that the company wishes to back the worldwide Web3 ecosystem to implement important technology to spark more meaningful connections between the real and virtual worlds.