Chinese giant Alibaba to partner with MultiversX as EGLD enters the Asian market 
Cryptocurrency Nov 15, 2024 Share
The Chinese giant Alibaba Cloud announced a partnership with MultiversX (EGLD), while Alibaba (NYSE: BABA) published Q3 2024 earnings results. This partnership starts as EGLD strongly enters the Asian market with an UpBit listing and notable mentions in the media.
On October 30, Ye Huang, General Manager of Germany and Central EU at Alibaba Cloud, announced a partnership and support to MultiversX developers at the xDay Munich event.
Today, Alibaba doubled down on the move, saying it is “looking forward to partnering with MultiversX,” supporting its builders’ needs.
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Alibaba Cloud is looking forward to partnering with MultiversX and supporting the needs of MultiversX builders. https://t.co/IgyKxNO0yW
— Alibaba Cloud (@alibaba_cloud) November 15, 2024
Alibaba Cloud’s partnership and support to MultiversX developers
At the event, Ye Huang announced Alibaba Cloud plans to co-host hackathons and community events with MultiversX in Q1 2025. These initiatives would take place in Hong Kong, Thailand, Singapore, Tokyo, Seoul, Dubai, and Shanghai – strongly entering the Asian market.
Moreover, he not only presented Alibaba Cloud’s infrastructure solutions to MultiversX developers but also a partnership to bring more users. According to Ye Huang, the company has a strategy to bring its own customers to the EGLD ecosystem.
“We are not only just to bring the technologies, we will also bring our own customers. (…) We have a product called Computer Nest (not for you, guys), it’s for our engineers for our customers in China, in Asia. (…)So, if we are able to deploy some services from MultiversX, we can easily deploy these services there. And then, our users – the engineer community, the crypto community from Asia – they will easily [be able] to hook into and subscribe to the service from MultiversX.”
– Ye Huang
MultiversX enters the Asian markets
This move with Alibaba is just another step that MultiversX takes as it enters the Asian markets through different fronts.
Notably, South Korea’s largest crypto exchange listed EGLD together with nine other cryptocurrencies on November 13, as Colin Wu reported. Upbit, the exchange in question, is also one of the highest-valued startups in the country, marking a significant milestone.
Furthermore, MBN Money, one of Korea’s largest media, featured Adam Bates, CMO at MultiversX Foundation and former CMO of Cardano. Bates spoke at the Blockchain Week in Busan 2024 (BWB 2024), presenting the MultiversX solution focused on decentralization and scalability.
In April 2025, xDay will have an edition in South Korea, consolidating its presence in the Asian market.
MultiversX (EGLD) price analysis and fundamentals
As of this writing, EGLD trades at $28.76, up 7.78% in the last 30 days, recovering from a local bottom while the cryptocurrency market could be starting what an analyst believes is “the biggest crypto bull run ever.”
MultiversX (EGLD) 30-day price chart. Source: Finbold
Experts have praised the MultiversX technology on various occasions, standing out as a promising Ethereum competitor. For example, Justin Bons, founder and CIO of Europe’s oldest cryptocurrency fund, deemed it the “technological holy grail of crypto.”
Now, EGLD has a chance to prove itself worldwide besides the recent moves into the Asian markets. In particular, Coinbase also announced EGLD’s availability for New York residents in a post on November 13.
Through the MultiversX ecosystem, investors can gain exposure to decentralized finance (DeFi), earn passive income, and generate yield.
Alibaba Group September Q3 2024 earnings results
In the meantime, Alibaba Group Holdings announced, on November 15, its results for 2024’s third quarter, which ended in September. Alibaba faced revenue growth of 5% year-to-date, achieving a total of $33.70 million, with $5.02 million from operations.
Eddie Wu, the group’s CEO, highlighted investments to improve the user experience and industry partnerships as key drivers of success. Wu also mentioned Alibaba Cloud’s moves as part of this broader strategy, which involves the recently announced partnership.
“Growth in our Cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth. We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth. Our other businesses continued to improve their operating efficiency, with most of them continuing to increase their profitability or reduce losses,”
– Eddie Wu, Chief Executive Officer of Alibaba Group.
Alibaba stock, BABA, opened the United States market this Friday trading at $90.29, a demonstration of caution following the earnings results.
Alibaba (NYSE: BABA) stock price on November 15. Source: Finbold
Besides MultiversX, Alibaba Cloud has ongoing partnerships with other leading blockchains like Avalanche (AVAX) and the Near Protocol (NEAR). Both chains have seen the benefits of joining Alibaba’s wings in the Asian market, which now could fuel EGLD’s growth.
Featured image from Shutterstock.