Chinese e-commerce giant Alibaba has revealed its plans to embrace Web3 technologies and explore new opportunities in the blockchain and cryptocurrency space.

According to the company's vice president, Liu Song, Alibaba is working on a "comprehensive strategy" to integrate Web3 technologies into its business operations and explore new applications for blockchain and cryptocurrencies. The company aims to leverage the security and transparency provided by blockchain technology to enhance its existing services and create new offerings for its customers.

Alibaba's move into the Web3 space could have significant implications for the broader blockchain and cryptocurrency industry, given the company's size and influence. Alibaba is one of the world's largest e-commerce companies, with a market capitalization of over $500 billion, and has significant investments in areas such as cloud computing, logistics, and digital payments.

The company's announcement comes amid growing interest in Web3 technologies and the potential for blockchain and cryptocurrencies to transform various industries, from finance and banking to supply chain management and logistics. While the technology is still in its early stages, many experts believe that it has the potential to revolutionize the way that companies do business and interact with their customers.

(By Rosie Perper)