Crypto This Week: Alibaba Cloud and Avalanche Team Up to Launch ‘Cloudverse’ in the Metaverse!
What Happened in the Crypto Industry & NOBI During the Past Week?
Hey, NOBI’s! Last week, the crypto industry achieved remarkable milestones. Alibaba Cloud and Avalanche officially launched ‘Cloudverse’ in the metaverse world. Residents of Argentina and Turkey opted for crypto to protect their assets from inflation. West Java Governor, Ridwan Kamil, is set to speak at the Bitcoin 2023 Conference in Miami. Want to know more? Check out our special crypto news roundup of the past week!
1. Alibaba Cloud and Avalanche Team Up to Launch ‘Cloudverse’ in the Metaverse!
Alibaba, the leading Chinese technology company, has officially entered the Web3 space through its subsidiary, Alibaba Cloud. They plan to build their own metaverse using the Avalanche blockchain network.
The new project, called “Cloudverse,” is believed to open up new dimensions for consumers. Alibaba Cloud will collaborate with Avalanche to provide all the necessary components for building the Cloudverse. Alibaba Cloud will offer scalable, efficient, and secure cloud infrastructure. They will also provide platforms for computing, storage, databases, as well as intelligent networking and operations.
Today, @alibaba_cloud announced that they are entering the metaverse--on Avalanche!— Avalanche 🔺 (@avax) May 4, 2023
With Cloudverse, Alibaba Cloud's millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.#Avalanche will provide all blockchain elements for Cloudverse👇 pic.twitter.com/AlibhHjidN
2. Inflation Surges: Argentine and Turkish Residents Seek Protection in Crypto
The use of cryptocurrencies as a hedge against high inflation has been on the rise in Argentina and Turkey. Faced with ongoing inflation, residents of both countries are seeking refuge in digital currencies to protect the value of their assets from the depreciation of the local currencies.
According to a report by CryptoPolitan, cryptocurrency adoption in Argentina and Turkey is significantly high. Turkey leads the world with a cryptocurrency ownership rate of 27.1 percent, while Argentina has a ownership rate of 23.5 percent. These figures are much higher than the global cryptocurrency ownership rate, estimated at 11.9 percent according to research by GWI.
This indicates that citizens of Argentina and Turkey are actively using cryptocurrencies as a safer and more stable alternative to store their wealth amidst economic volatility and high inflation.
3. West Java Governor, Ridwan Kamil, to Speak at Bitcoin 2023 Conference in Miami
West Java Governor, Ridwan Kamil, is set to be one of the speakers at the Bitcoin 2023 Conference in Miami, USA. This annual gathering is a global event for the Bitcoin community and is scheduled to take place from May 18th to 20th, 2023.
During the conference, Ridwan Kamil is expected to discuss his plans to introduce and adopt Bitcoin, as well as Bitcoin mining activities in the West Java region, which has a population of over 50 million people.
Regarding this news, Twitter users have expressed diverse opinions. Some welcome Ridwan Kamil’s positive intention to support Bitcoin adoption, while others are skeptical and question whether this is merely a strategy to enhance his electability.
4. Liechtenstein Intends to Pay for Government Services with Crypto
Liechtenstein Prime Minister, Daniel Risch, has announced plans to accept Bitcoin as a payment method for government services. Liechtenstein, a microstate in Europe, continues to advance in adopting blockchain technology.
According to reports from Cointelegraph, Prime Minister Risch, who also serves as the Minister of Finance, stated that “the option of payment with Bitcoin will be available.” While no specific timeframe has been provided, the Liechtenstein government does not intend to hold onto the received Bitcoin.
Instead, the country will accept Bitcoin deposits and immediately exchange them for their national currency, the Swiss Franc. By directly converting Bitcoin to fiat currency, the volatility of the cryptocurrency can be avoided.
5. Strengthening the Blockchain Ecosystem: Vexanium Ready to Integrate EVM This Year
Vexanium, a third-generation blockchain protocol from Indonesia, has announced a series of developments aimed at strengthening the blockchain ecosystem and promoting the development of decentralized applications (dApps) and Web3 infrastructure.
One of Vexanium’s key ambitions is to enhance user adoption through integration with the Ethereum Virtual Machine (EVM). This integration will provide developers with an easier way to build and execute smart contracts using the Solidity programming language. By combining the strengths and flexibility of the EVM, Vexanium EVM presents an innovative solution.
With this integration, developers will have greater ease in developing and deploying smart contracts, leveraging the benefits of the Solidity programming language. Within the Ethereum ecosystem, Vexanium EVM demonstrates the core development team’s commitment to providing a flexible, efficient, and upgradable blockchain platform.
That wraps up for Crypto This Week. We’ll see you at the next one!