Chinese giant Alibaba to partner with MultiversX as EGLD enters the Asian market

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.

Experts have praised the MultiversX technology on various occasions, standing out as a promising Ethereum competitor. For example, Justin Bons, founder and CIO of Europes 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 EGLDs 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 2024s 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.

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.

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