Binance Labs, the accelerator and venture capital arm of Binance, announced this week a strategic investment in Web3 infrastructure provider, ANKR. According to the announcement, the funds will go towards increasing work on Ankr’s remote procedure call (RPC) service and building its Web3 developer suite.
Binance Labs’ investment is the first after the company, as Cointelegraph reported, announce a $500 million fund in partnership with global investorsincluding DST Global Partners and Breyer Capital, to drive innovation in the cryptocurrency, Web 3.0, and blockchain technology landscape.
Binance Labs plans to allocate the latest $500 million fund to projects in various stages: incubation, early stage, and late growth stage.
While not widely known as Ethereum, XRP, Matic, or Cardano, Ankr has already made open source contributions to BNB Chain and BNB Liquid Staking. He helped build the core infrastructure of BNB Chain. Additionally, Ankr has further enhanced the BNB ecosystem by implementing Erigon and Archive Node updates as well as the latest BNB Application Sidechain (BAS) scaling solution. The Erigon update reduced BNB Chain’s storage requirements by 75%, increased RPC performance tenfold, and made the sync process 100x faster.
After Binance’s announcement, the ANKR token exploded with an appreciation of more than 50%. In the last 7 days it has earned more than 38% and in the last 30 days it has earned more than 75%, according to data from Coinmarketcap.
Speaking exclusively to Cointelegraph en Español, Chandler Song, co-founder and CEO of Ankrhighlighted that Binance Labs’ strategic investment will help ANKR boost critical infrastructure for web 3. According to him, this will boost the growth of the crypto ecosystem in Latin America, which has been finding a way out of inflation in cryptocurrencies, too. it will benefit the entire world by making Web 3 more and more real.
“Ankr has gained a lot of attention recently not only for the work we have done to improve the BNB ecosystem, but also for the advancement of Web3 infrastructure across the industry. We’re delighted that Binance Labs has taken notice and taken an active interest in Ankr’s vision for a Web3 future that includes easier development experiences, improved scalability, and increasingly decentralized services that offer better ways to welcome millions of users. users to the new website. With your help, we can make this vision a reality even faster.Song said.
Song further revealed that Ankr is also compatible with the BNB Chain ecosystem, bringing DeFi compounding ability to BNB Liquid Staking. BNB token holders can participate in staking, farming, and contributing to vaults all in one go. They can also mint new liquid staking tokens, which can be used to earn reward tiers on decentralized exchanges (DEX), BNB Chain, and Ethereum.
“We are very excited to have Binance Labs as a strategic investor. BNB Chain is by far the chain with the highest number of daily transactions and active users. We are committed to helping BNB Chain scale by improving the utility of BNB tokens and expanding the Binance application, the Sidechain Ecosystem (BAS). Our goal is to support not only innovative use cases that require highly scalable infrastructure, but also infrastructure services that can contribute to building permissioned sidechains.“, said Fang, co-founder of Ankr.
The Ankr developer suite includes the Ankr developer kit. Multi-Chain Liquid Staking (SDK), Web3 Gaming SDK and App Chains-as-a-Service software development. An underlying utility service that powers Web3 projects and DApps, the Ankr protocol currently serves an average of 250 billion RPC requests per month across 50 blockchain networks.
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