Chainbase teams up with Alibaba Cloud to decentralize data for AI

Blockchain startup Chainbase has joined forces with Alibaba Cloud to reduce the operational costs of its decentralized data distribution efforts.

Chainbase, a web3 interaction layer infrastructure for artificial intelligence, has partnered with Chinese cloud provider Alibaba Cloud to halve its operational expenses for decentralized data distribution.

We are excited to partner @AlibabaCloud_jpA global leader in cloud computing and artificial intelligence, . @AlibabaCloud_jp We offer robust and secure cloud services that complement our goals.

By joining forces, we halved our operational costs and achieved 100% uptime… picture.twitter.com/6BpcyhaV99

— Chainbase (✸,✸) (@ChainbaseHQ) July 25, 2024

The Singaporean startup said in a statement on Thursday that the collaboration will help it focus on increasing storage and GPU computing power and “decentralize the data network.”

“By joining forces, we halved operational costs and achieved 100% uptime during the petabyte migration.”

Chain base

The startup also added that it is looking into leveraging Alibaba Cloud’s community resources to “accelerate our network and AI model development,” but did not provide a timeframe. Chainbase also did not disclose the terms of the collaboration with Alibaba.

Founded in 2021 by Damon Yue, Chainbase offers a suite of tools and services designed to support the development and scaling of blockchain applications. In mid-July, the startup raised $15 million in a Series A round co-led by Tencent Investment Group and Matrix Partners China. According to reports, the Chainbase mainnet network is expected to go live in Q4 2024, along with its governance token CBT.

Alibaba is 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 previously reported, the startup aims to offer a wide range of blockchain products and services designed to meet the needs of both enterprise and individual web3 developers.