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Tencent Cloud Unveils "Metaverse-in-a-Box," Web3 Partnerships

Tencent Cloud has announced multiple Web3 partnerships, despite China's firm stance against crypto.

Poshu Yeung, Senior Vice President, Tencent Cloud International

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Tencent Cloud, the cloud business of Tencent, has announced its ambitious Web3 plans.

On Wednesday, Tencent held its first global Web3 summit in Singapore, where it unveiled a basket of Web3-related solutions aimed to promote the Web3 ecosystem.

"Targeting Web3 builders across the fields of security, storage, identity management, middleware, development tools and data and analytics, Tencent Cloud will offer the Web3 builders cloud solution credits, marketing workshops, and publicity opportunities," Tencent Cloud said in a press release.

Among these solutions is Tencent Cloud's metaverse-in-a-box, which integrates Tencent Cloud's infrastructure with gaming, media and entertainment. The product helps businesses develop metaverse applications, offering acceleration, flexibility and immersion.

Tencent Cloud announced that it signed a Memorandum of Understanding (MoU) with Web3 infrastructure Ankr to develop a suite of blockchain API services. The collaboration will provide Web3 projects with reliable connections to most of the popular blockchains.

Ava Labs' smart contract platform Avalanche is also partnering with Tencent Cloud, establishing a fully synchronized Avalanche node on the cloud business. The collaboration will allow Web3 builders to efficiently build on the Avalanche blockchain.

Partnerships with layer 1 blockchain Sui and open-sourced bytecode-level equivalent zkEVM zk-rollup, Scroll, were further announced by Tencent Cloud. Scroll offers scaling solutions whilst Sui optimizes high-performing games.

The collaborations follow Tencent's recent announcement about its partnership with MultiverseX.

Read more: Tencent Apes into Web3 With MultiversX Partnership

Previously known as Elrond, MultiverseX's partnered with Tencent Cloud to help the company expand its metaverse offerings.

"From blockchains to AI and beyond, cloud computing is a great necessity and an enabling force for innovation,” Beniamin Mincu, MultiverseX CEO, said.

China's Web3 stance

China remains one of the world’s strongest cryptocurrency markets despite its government’s harsh stance on the industry in recent years.

Recent data from Chainalysis shows that trading volume within China remains “healthy” across both centralised and decentralised platforms, despite the PBOC (People’s Bank of China) implementing a blanket ban on cryptocurrency transactions since September 2021.