Tencent Cloud Forays Into Web3 With Ankr And Avalanche Deals

Tencent Cloud, a worldwide cloud service provider under China’s top internet firm Tencent Holdings, has voiced its interest towards Web3. The firm further substantiated its interest in Web3 by laying the groundwork for future collaborations with well-known Web3 brands during the international Web3 summit.

Tencent To Focus On Major Web3 Components

Tencent aims to focus on the critical and essential components of Web3, such as identity, storage, data, analytics, and security. Accordingly, the company is creating various blockchain API services to offer novel virtual experiences in the Web3 ecosystem.

Furthermore, they plan to introduce Tencent Cloud Metaverse in-a-Box to enhance the experience of online developers and virtual users. According to a press statement, Tencent Cloud revealed that governments, companies, organizations, and global brands are interested in virtual experiences.

Hence, the company’s goal is to fill in the gap. Speaking at the inaugural Global Web3 Summit, Senior Vice President of Tencent Cloud, Poshu Yeung, acknowledged the promising future of Web3 and emphasized the significant potential where the physical and digital worlds converge.

Also, Poshu revealed that Tencent Cloud would embark on virtual initiatives, capitalizing on its experience to offer the technical support needed to expand the digital space. Tencent Cloud has partnered with prominent Web3 enterprises to lead its digital operations.

As part of this endeavour, it has entered an MoU with Ankr, a top Web3 ecosystem, to collaborate on developing blockchain API services. In addition, Tencent Cloud has sealed numerous deals with other companies in the Web3 space to enhance its services.

Such companies include Sui, Avalanche, and Skroll.

Tencent Shelves Metaverse Project

Its alliance with Avalanche, a notable platform for smart contracting, involves deploying the blockchain’s nodes on Tencent Cloud, enabling quick node set-up for developers. Moreover, the Avalanche Network has demonstrated continuous growth even in the bearish market.

Further, Tencent will collaborate with an open-source zk-roll-up on the Ethereum network called Skroll. The partnership aims to enhance the performance of its system by making it decentralized and faster.

Additionally, Sui, a layer-1 blockchain, will leverage Tencent Cloud’s technical expertise in cloud solutions, particularly in game development. Meanwhile, Tencent Holdings, Tencent Cloud’s parent firm, recently announced that it would no longer pursue its plans to produce virtual reality (VR) equipment and is stepping back from its metaverse-related moves.

The company also laid off workers who were in its metaverse division. According to reports, Meta is currently in talks with Tencent Holdings to penetrate China’s VR headset.

If the deal is successful, Tencent will help Meta to sell its Meta VR headset.