Binance Labs Brings Strategic Investment For Ankr, Token Rises 40%!
- Well-known blockchain infrastructure provider Ankr has received strategic investment from Binance Labs, the venture arm of the world’s biggest crypto exchange.
- The total amount regarding the investment remain undisclosed but the ANKR token rallied almost 40% following the announcement.
The largest exchange on the planet, Binance Labs has introduced a strategic investment for Ankr, a Web 3 infrastructure provide which has the native token as ANKR. While the actual amount for the investmenet hasn’t been disclosed, it seems that the exchange’s venture arm continues to provide support to promising crypto startups amid the bearish market.
The exchange has been working hard in the bearish market to fund crypto startups and expand its territory. As point out the CEO and co-founder of Binance Changpeng Zhao, the exchange is very much liquid and profitable at the moment and has large reserves as well.
Interestingly, the strategic investment introduced by Binance Labs will be used to ramp up “the work on Ankr’s remote procedure call (RPC) service and building out its Web3 developer suite.”
Not the first collaboration with Ankr
This is not the first time Ankr and Binance Labs are collaborating. According to the blog post, the two firms previously made open-source contributions to the BNB Chain and BNB Liquid Staking, two major aspects of the Binance ecosystem which support numerous applications throughout the world of decentralized finance (DeFi).
“Ankr further improved the BNB ecosystem by implementing the Erigon and Archive Node upgrades, as well as the latest BNB Application Sidechain (BAS) scalability solution. The Erigon upgrade reduced BNB Chain’s storage requirements by 75%, increased RPC performance tenfold, and made the synchronization process 100 times faster,”
Binance Labs said in the blog post.
The venture arm of the global exchange further confirmed that Ankr also support the BNB ecosystem by bringing DeFi composability to BNB Liquid Staking which enables the users on the exchange to engage in staking, farming, and contributing to vaults all at once.
Binance Labs aims big
Binance Labs recently welcomed a new head of the firm, co-founder of the exchange, Yi He as he has played a “pivotal role” in identifying early-stage projects, developers, and founders with the vision and “drive to disrupt those global institutions that no longer serve society effectively.”
Hence, under He, the venture arm’s recently launched $500 million fund will be allocated to various DeFi, Web3, and blockchain projects. It seems that the exchange is hell-bent on emerging out as one of the biggest firms on a global scale from this bearish market.
“We are committed to helping BNB Chain further scale, enhancing the BNB token utility, and expanding the Binance Application Sidechain (BAS) ecosystem. We aim to support not only innovative use cases that require a highly scalable infrastructure, but also infrastructure services that could contribute to building permissioned sidechains,”
said Ryan Fang, co-founder of Ankr.
Following the announcement from Binance Labs, ANKR, the native token of the Ankr platform, rose by almost 40%, as is clear from the data from CoinMarketCap.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
