Aptos Foundation Launches Alcove in Japan with Alibaba Cloud

Layer 1 blockchain platform Aptos Protocol’s Aptos Foundation has partnered with Alibaba Cloud to launch Alcove in Japan.

The Aptos Foundation, responsible for developing the Layer 1 blockchain platform Aptos Protocol, has recently partnered with Alibaba Cloud to expand the Web3 ecosystem in Japan. The partnership is introducing Alcove, the first Move developer community in Asia that is co-branded.

According to the official announcement, the agreement aims to promote innovation and improve accessibility throughout the Asia-Pacific region. Alcove seeks to expand the influence and scope of the Move intelligent contract programming language among Web3 developers. Consequently, this will facilitate widespread adoption by providing enhanced security, scalability, and speed.

The Aptos Foundation is initiating a series of Alcove initiatives to begin this initiative, commencing with a Move developer meetup. The inaugural event, “Aptos Mover: Innovation Ripples from Kyoto,” is co-hosted by OKCoin Japan and Alibaba Cloud at the IVS Crypto 2024 event. According to a recent update on X, it is expected to unite prominent partners and initiatives, providing developers with the necessary knowledge to implement real-world Web3 use cases.

Furthermore, the Aptos Foundation will host a series of hackathons for the Alcove community, utilizing the sophisticated technology of Alibaba Cloud. These events would allow participants to learn from industry leaders and motivate the next generation of Web3 developers and innovators.

Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation, stated, “Our objective is to establish a dynamic environment that facilitates the expansion of Japan’s interest in Web3 and IP capabilities by collaborating with the Alibaba Cloud team and leveraging their technology.” In addition, he states:

“As the foundation is working to expand Aptos’ ecosystem worldwide, we’re committed to creating the best user experiences for the next generation of developers, in Japan, APAC, and beyond.”

In the interim, the native token of the Aptos blockchain, APT, is trading at approximately $7, representing a 4% increase in the past 24 hours. APT is currently the 17th largest cryptocurrency by market capitalization, with a market valuation of $1.18 billion.

Japan’s Web3 Industry

Japan is well-positioned to advocate for the benefits of digital assets and Web3 due to its tech-savvy population and refined legal system. Corporate investment in the sector was stimulated by Japan’s parliament’s approval of a Web3 whitepaper last year. It underscored the necessity of a more Web3-friendly environment for enterprises.

It is intriguing that prominent gaming corporations, including Sony and Bandai Namco, have initiated investments in Web3 through incubation programs. As part of their Web3 initiatives, anime intellectual property proprietors also release NFTs.

This partnership between Alibaba Cloud and the Aptos Foundation represents a substantial advancement in Japan’s position within the global Web3 landscape.