Blockchain startup Chainbase has partnered with Alibaba Cloud to reduce costs associated with its decentralized data distribution operations. Chainbase, a provider of infrastructure for web3 interactions in the artificial intelligence sector, aims to halve its operating expenses through this collaboration. The Singapore-based startup believes this partnership will allow it to focus on improving storage and GPU computing power to further decentralize its data network.
Chainbase has reported that the partnership has already resulted in halving operational costs and maintaining 100% uptime during the petabyte-level migration process. The company is also considering using Alibaba Cloud's community resources to accelerate the development of its network and AI model, though no specific timeline has been provided. Details on the terms of the partnership with Alibaba have not been disclosed.
Founded in 2021 by Damon Yue, Chainbase offers a range of tools and services to help develop and scale blockchain applications. The startup raised $15 million in a Series A funding round in mid-July, with Tencent Investment Group and Matrix Partners China as lead investors. Reports suggest that the Chainbase mainnet and its governance token CBT will launch in the fourth quarter of 2024.
Alibaba has been steadily increasing its involvement in the blockchain sector as part of a broader diversification strategy. In September 2023, Ant Group Digital Technologies, a subsidiary of Alibaba Group, launched ZAN, a brand dedicated to providing blockchain development tools. This initiative is designed to provide a wide range of blockchain products and services to meet the needs of both institutional and individual web3 developers.
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