The collaboration between the two companies aims to provide advanced wallet infrastructure for international Web3 organizations. In essence, the partnership leverages Cobo's expertise in digital asset solutions with Alibaba Cloud's secure and scalable cloud computing capabilities, and it introduces a Wallet-as-a-Service solution designed for developers and organisations.
The solution allows for the seamless integration of advanced wallet technology into applications through APIs and SDKs. Both Cobo's custodial wallet and multi-party computation (MPC) custody technology will be accessible through this solution, as the primary goal of this partnership is to offer secure and scalable digital asset tools to developers and organisations.
In the company press release, officials from Cobo expressed enthusiasm about the collaboration, emphasising its potential to set new standards in the security, performance, and accessibility of digital wallet infrastructure for Web3. The partnership not only aims to empower users and organisations but also to contribute to the global adoption of such technologies.
Cobo offers a comprehensive range of services, from custodial to non-custodial solutions, including MPC and smart contract-based custody, as well as wallet-as-a-service, a DeFi management platform (Argus), and an off-exchange settlement network (SuperLoop). It is also worth noting that Cobo holds SOC2 Type 1 and Type 2 compliance certifications and operates under licenses in five jurisdictions.
In May 2023, Digital technology company Alibaba Cloud announced its plans to further expand its ecosystem of global partners by launching a new series of initiatives. The new series of initiatives includes the launch of an Independent Software Vendor (ISV) Acceleration Program, new incentives to reward partner loyalty, as well as a training empowerment programme for the collaborators.
Alibaba Cloud’s ISV Acceleration Program was designed to provide global independent software vendors with new financial incentives, as well as more robust technical services needed for the expansion of their business opportunities in Southeast Asia. The company will provide its ISV partners with the possibility to optimise the marketplace listing fee on Alibaba Cloud’s marketplace platform while expanding product sales through its sales team and its network of channel partners.
In April 2023, Alibaba Cloud has launched a large language model named Tongyi Qianwen. The new AI model will be integrated across Alibaba’s businesses to boost user experience in the future. Moreover, the company’s customers and developers will be able to access the model to create customised AI features in a cost-effective way.
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