Tencent Teams Up With MultiversX to Expand Web3 Strategy

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MultiversX said Thursday it is partnering with Tencent Cloud to help the company expand its Web3 products. Tencent Cloud is the cloud component of the massive Chinese tech company’s portfolio, which also includes messaging app WeChat.

MultiversX, previously known as Elrond, recently rebranded to focus on its metaverse initiatives. Tencent, which has previously worked in spaces such as gaming and audiovisual tech, will utilize the network to deploy a suite of blockchain-based products.

"From blockchains to AI and beyond, cloud computing is a great necessity and an enabling force for innovation,” Beniamin Mincu, MultiversX CEO said. “We are thrilled to join forces with Tencent Cloud to explore exciting routes in a new strategic partnership between the two companies on payments, Web3 hubs, infrastructure, staking services and the metaverse.”

Tencent, the company behind popular messaging app WeChat, invested $70 million into blockchain technologies in May 2020. In January 2022, the company added support for the Digital Yuan in WeChat’s wallet.

“We aim to support the global Web3 community to adopt critical technologies to drive deeper connections between the virtual and real worlds,” Leo Li, vice president of Europe at Tencent Cloud International, said in a press release about the partnership.

Tencent has faced regulatory challenges in its strategy. In August, Tencent halted trading on its Huanhe non-fungible token (NFT) marketplace due to scrutiny from regulators.