China’s sentiment towards cryptocurrency may be shifting, as evidenced by Tencent Cloud’s recent move to invest in web3-related tools. This unexpected investment places the Chinese tech firm among other global tech giants like Google and Amazon who have also made strides in web3 technology.
The announcement of Tencent Cloud’s new Web3 investment includes a suite of crypto-native partnerships, signaling a renewed optimism for crypto in the East. This shift comes as Chinese leaders show support for digital asset investments in Hong Kong, a move that has been met with approval from Beijing officials.
In contrast to the U.S., where regulatory efforts surrounding crypto are increasing, China seems to be using Hong Kong as a channel to access crypto dealings. Tencent Cloud’s latest announcement further supports this narrative, with the introduction of blockchain-based APIs, ‘metaverse-in-a-box’ offerings, and other Web3 initiatives following the firm’s first Web3 summit in Singapore.
Tencent Cloud has partnered with Ankr, Avalanche, Scroll, and Sui to achieve their Web3 goals. Ankr, an infrastructure provider, will collaborate with Tencent Cloud to develop blockchain API services. Avalanche will help build scalable solutions for developers, while Scroll focuses on building an open-sourced zk-Rollup compatible with the Ethereum Virtual Machine. Sui, a lesser-known Layer-1 blockchain, will optimize high-performance gaming infrastructure within Web3 gaming.
In a statement, Tencent Cloud’s SVP Poshu Yeung expressed excitement about the future of Web3 and the opportunities it presents for immersive convergence between physical and digital economies. Tencent Cloud aims to leverage its technical experience in games, audio, and video to support the Web3 ecosystem and create a more immersive digital future.
Overall, Tencent Cloud’s investment in Web3 and crypto-native partnerships signals a changing tide in China’s attitude towards cryptocurrency. As global tech firms continue to embrace web3 technology, China’s support for digital assets and blockchain initiatives could lead to a more positive outlook for the crypto industry in the region.
