March 22 (ChainDD) Alibaba Cloud, the digital technology and intelligence backbone business of Alibaba Group, recently held its first 2WEB3 FEST summit in Hong Kong and announced that it would launch a range of out-of-the-box Web3 security tools next month.

Meanwhile, Alibaba Cloud has also partnered with Blockchain Academy and NodeReal to jointly build Hong Kong's Web3 ecosystem.

According to the introduction, developers and enterprises can apply Web3 security tools to security scenarios such as private key management, risk assessment, transaction review, compliance, and user authentication.

These tools include multi-party secure computing (MPC), authentication (KYC), and anti-money laundering (AML) services that help Web3 developers protect data, save on labor costs, and improve operational efficiency.