Near Jumps on Alibaba Cloud Partnership; Bybit Gains Cyprus License

Daily Top Mover  — Near (NEAR) 



The U.S. equities retreated as investors pulled back their rate-cut bets this year, while the broader cryptocurrency followed suit. The top mover for today is NEAR, which soared by 6.37% in the past 24 hours following the Alibaba Cloud Partnership announcement.





The adoption of cryptocurrencies has witnessed significant growth in recent years, with many major firms entering the global market. The NEAR Foundation, a non-profit organization that oversees the decentralized platform NEAR Protocol, has partnered with Alibaba Cloud, a Chinese tech giant, to drive the advancement of Web3 technologies in Asia and the Middle East. The collaboration aims to support Web3 developers and validators in Asian markets and provide them with access to Alibaba Cloud's infrastructure. The NEAR Foundation and Alibaba Cloud have also collaborated to offer remote procedure calls (RPC) to aid developers and users in the NEAR ecosystem. Furthermore, users will have access to the NEAR Blockchain Operating System (BOS), empowering developers to create applications and interact with other users.



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Talk of the Town





Dubai-based cryptocurrency exchange, Bybit, has been granted a license for crypto exchange and custody services in Cyprus. The license confirms the company's commitment to complying with local regulations and strengthens its presence in the European Union (EU) following regulatory challenges in Japan and departures from Canada and the UK. Bybit's CEO, Ben Zhou, stated that the license is "a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence". The EU is preparing for new regulations under the Markets in Crypto Assets, MiCA, which will allow companies to serve the entire bloc with a license from a single member state.