MultiversX said on Thursday that it was working with Tencent Cloud to help the company expand its Web3 products. Tencent Cloud is a cloud component in the asset allocation of the large and medium-sized Chinese technology development company, which also includes instant messaging app Wechat.
MultiversX, formerly known as Elrond, was recently renamed to work on its virtual world solution. Tencent officials have previously done a good job in areas such as game audio-visual technology, and the company will use the network to deploy a range of distributed ledger products.
MultiversXCEO Benia Qiang Mingku said: "from blockchain technology to artificial intelligence technology and even other fields, cloud computing technology is all innovative necessities and propulsive energy. We are pleased to join forces with Tencent Cloud to explore exciting roads in the strategic partnership between the two companies in the areas of transactions, Web3Hub, infrastructure construction, chip services and virtual worlds. "
Tencent, the driving force behind Wechat, the most popular instant messaging app, invested $70 million in blockchain apps in May 2020. In January 2022, the company enhanced its use of digital blocks in its cash bank on Wechat.
"We hope to apply the core technology selected by Web3 communities around the world to promote deep communication between the virtual world and the real world," Raymond Li, Tencent Cloud's senior vice president for international Europe, said in a press release on the strategic partnership.
Tencent's development strategy has been tested by control. In August of this year, Tencent officially stopped trading in its ring and irreplaceable token (NFT) sales market because of regulatory verification.
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