While partnership news continues to increase in the cryptocurrency market, the latest news came from Conflux Network and Alibaba Cloud.

Conflux Network, referred to by some as the Ethereum (ETH) of China, has announced a partnership with Alibaba Cloud to foster Web3 innovation in Hong Kong.

Public layer-1 blockchain project Conflux Network announced in its official statement that it has formed a partnership with Chinese e-commerce giant Alibaba Cloud.

“We are excited to announce a partnership between Alibaba Cloud and Conflux Network to deliver innovative Web3 solutions to businesses in Hong Kong.

This collaboration aims to revolutionise retail, tourism, entertainment, arts, education and other sectors with cutting-edge technology in the Hong Kong market.

“Leveraging Conflux’s proven success in China, Alibaba Cloud’s cutting-edge technologies, and the unwavering support of Cyberport’s vibrant community, this collaboration is poised to grow a thriving Web3 ecosystem in Hong Kong.”

The partnership news failed to impact the Conflux (CFX) price amid a broad market decline. CFX is down 6.2% over the last 24 hours and is trading at $0.12 at the time of writing.

*This is not investment advice.