Microsoft recently announced that the Azure Archive Storage has become generally available. The archive feature for Azure Storage has been available in preview with customers for a few months with customers, and the release includes Blob-Level Tiering. This tier enables customers to optimize storage of the lifecycle data across tiers.
The Azure Storage team launched Cool Blob Storage last year to enable customers to reduce their storage costs by tiering their infrequently accessed data to the Cool tier. With the Archive tier, they can store their rarely accessed data and further reduce costs.