Alibaba Cloud Collaborates with Mysten Labs to Develop Web3 Ecosystems

Alibaba Cloud, a subsidiary of the Alibaba Group with a market cap of $235 billion, has signed a memorandum of understanding with Mysten Labs, the original creator of the Sui layer 1 blockchain.

As part of the agreement, Alibaba Cloud will provide archival node services and secure cloud infrastructure for validators of Sui's testnet to make the platform more user-friendly and appealing to Web2 users entering the Web3 space.

Additionally, the two companies will work together to develop sustainable Web3 ecosystems and explore opportunities in e-commerce and payment sectors.