The cryptocurrency market has started to move in the red zone again. Bitcoin, the leading crypto, fell as low as $61,000. With no exceptions, altcoins at the forefront of the crypto league are also on a downward trajectory. However, there are tokens moving in the opposite direction. One of them was Sui Network, which announced an important partnership. After the development, the altcoin price started to rise.
Sui Network and TikTok parent company partnered, the altcoin jumped!
BytePlus announced an important partnership with Mysten Labs, the company behind Sui Network (SUI). Under this partnership, the company will integrate artificial intelligence algorithms and data storage technology into the Sui Blockchain ecosystem. BytePlus is the technology arm of TikTok’s parent company ByteDance. Thus, the company made the transition to Web3. In the statement, it was stated that the focus will be especially on Web3 game and SocialFi projects, and that experience in artificial intelligence and data storage will be used to strengthen the Sui ecosystem. Sui Network also announced the development on its X account.
SUI jumped to $1.26 from an intraday low of $1.14 after the news. Although the altcoin later lost altitude, it continues to trade close to these levels. At the time of writing, SUI was changing hands at $1.24, up 8.5% on a daily basis. While this may not seem high for the crypto market, it’s not bad considering the negative sentiment in the market.
What will the collaboration bring?
The partnership will enable BytePlus to integrate its cloud-native data warehouse called ByteHouse with Sui’s full node data. The BytePlus integration can provide infinite scalability and real-time data processing, which can boost Sui’s analytics capabilities. Mysten Labs will benefit from ByteHouse’s high-performance and low-maintenance nature. This will allow it to accelerate data delivery for users on the Sui network. Evan Cheng, co-founder and CEO of Mysten Labs, commented on the partnership. Cheng said that this collaboration will “revolutionize” data analytics in the Web3 space. In this context, Cheng also made the following statement:
Integrating cutting-edge AI and visual algorithms into Sui means a leap forward for the user experience on Web3 gaming platforms and SocialFi projects.
The partnership continues to grow!
ByteDance continues to grow by investing in Web3 technology and establishing new partnerships. The company has launched a startup working on Blockchain and artificial intelligence. It is also trying to get a virtual banking license in Singapore.
On the other hand, its new partner Sui Network is also developing rapidly and growing with new partnerships. As you followed on Kriptokoin.com, Sui Foundation collaborated with a university in the United Arab Emirates. In this context, the altcoin project launched a Blockchain academy. Also, the Greek exchange ATHEX announced that it will launch a new fundraising mechanism through the Sui Blockchain ecosystem. All these steps aim to strengthen ByteDance’s leadership position in the field of Web3 technology.
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