Huawei enters alliance with Chinese giants pursuing cryptocurrencies

Huawei enters alliance with Chinese giants pursuing cryptocurrencies

Tech giant Huawei has announced the formation of a Web3 alliance with several cryptocurrency companies, including Polygon, who are expressing interest in the market to launch solutions.

The company also plans to launch new products in the metaverse market through its Cloud division. In addition, Huawei plans to innovate in the artificial intelligence market, indicating that it is closely monitoring emerging technologies.

With this, it is clear that after years of indefinitions, mainly in China, the Asian market has returned to agitation in the cryptocurrency market.

China’s Huawei Cloud launches Web3 Alliance

Since China banned companies and people from their country from participating in the cryptocurrency market, many organizations have moved out of the country. For example, many bitcoin mining companies had to leave urgently in 2020, after banning activities in China.

But the ban failed to ignite the cryptocurrency flame in the region, which is now drawing the attention of giant Chinese companies.

Among the companies that will be part of the alliance with Huawei Cloud are BlockChain Solutions, Deepbrain Chain, Polygon and Morpheus Labs, among others. In an announcement on WeChat, a recent article makes it clear that there are many companies that are partnering with Huawei in its initiative.

Novelty after Tencent

Over the past week, the global technology market has seen some interesting approaches from major companies in the cryptocurrency industry.

And one of the most prominent names was certainly Microsoft, an American company that entered into an industry partnership with a little-known cryptocurrency to innovate in the sector.

In Asia, China’s Tencent also announced its entry into the market, focusing on Web3 and with the Avalanche cryptocurrency. The giant’s focus is on creating new solutions for developers in its cloud environment, providing conditions for DeFi projects, NFTs, among others, to emerge with its infrastructure and support.

With the arrival of Huawei, another Chinese, the battle for innovations in the cryptocurrency market in Asia is heating up. The announcements from Tencent and Huawei, it’s worth remembering, come on the heels of a signal in Hong Kong that cryptocurrencies could gain relief, and a move that boosted the price of several currencies in the region.

Still, the arrival of two major companies in the cryptocurrency market does not indicate that the Chinese government has withdrawn from the ban imposed on the market. In other words, market investors remain cautious seeing the approaches of big companies.

Source: Live Coins