Tencent Cloud and MultiversX Team Up to Create a New Era of Web3 Products

Chinese tech giant Tencent, known for its messaging app WeChat, has partnered up with MultiversX to expand its Web3 and metaverse products. MultiversX, formerly known as Elrond, recently rebranded to focus on its metaverse initiatives. Meanwhile, Tencent Cloud, which offers cloud computing services, will use the MultiversX network to create a suite of blockchain-based products. The companies aim to explore new routes in payments, infrastructure, staking services and the metaverse. The move follows Tencent’s investment of $70m into blockchain in 2020 and the addition of Digital Yuan to WeChat’s wallet in 2022.

The two companies plan to work together to create a globally scalable, open, composable and interoperable ecosystem of metaverse worlds, with Tencent Cloud exploring the possibility of operating a validator node to contribute to network security.

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