Blockchain startup Chainbase has joined forces with Alibaba Cloud to cut operational costs for its decentralized data distribution efforts.
Chainbase, a web3 interaction layer infrastructure for artificial intelligence, has entered into a collaboration with Chinese cloud provider Alibaba Cloud in a bid to halve its operational expenses for decentralized data distribution.
In an X announcement on Thursday, the Singaporean startup said the collaboration will help it focus on enhancing storage and GPU computing power “to decentralize the data network.”
“By joining forces, we’ve halved operational costs and achieved 100% uptime during the petabyte-level migration process.”
Chainbase
The startup also added it’s seeking an option to leverage Alibaba Cloud’s community resources “to accelerate our network and AI model development,” though didn’t provide the timeframe. Chainbase also didn’t disclose the terms of its collaboration with Alibaba.
Founded in 2021 by Damon Yue, Chainbase provides a suite of tools and services designed to support the development and scaling of blockchain applications. In mid-July, the startup secured $15 million in a Series A round co-led by Tencent Investment Group and Matrix Partners China. As per reports, the Chainbase mainnet network alongside its governance token CBT are expected to go live in Q4 2024.
Alibaba has been expanding its presence in the blockchain sector as part of its broader diversification strategy. In September 2023, Ant Group Digital Technologies, a subsidiary of Alibaba Group, introduced ZAN, a brand focused on providing blockchain development tools. As crypto.news earlier reported, the initiative aims to deliver a wide range of blockchain products and services designed to meet the needs of both institutional and individual web3 developers.