Why ANKR Crypto Prices Fly, Due To Binance Investing In Ankr Protocol?

Ankr Protocol gets an injection of funds from Binance Labs. (Ankr)

JAKARTA – Ankr Protocol, a leading web3 infrastructure provider, recently received a funding injection from Binance Labs. Ankr has also successfully launched a staking feature in its network. Not long after that the price of ANKR skyrocketed by more than 40%.

Binance Labs officially announced its strategic investment in Ankr Protocol. The Web3 service provider allows the use of a number of important elements in crypto such as decentralized applications (DApps), crypto wallets, and crypto games or commonly called Play-to-Earn (P2E) games.

With Ankr, Dapp, crypto wallets and P2E games can connect to the blockchain they need to communicate. Ankr is known for its continued support for the BNB Chain by introducing BNB Liquid Staking, as well as building some of its core infrastructure, including their Erigon upgrade, Ankr has now received a strategic investment from Binance's VC arm – Binance Labs.

According to a press release shared by CryptoPotato, Ankr has become a beneficiary of a strategic investment from Binance Labs. The specifics surrounding the total amount invested remain confidential.

Thank you @BinanceLabs for the support!We are extremely excited to have #BinanceLabs as a strategic investor for #ANKR!🕺💃 https://t.co/MtSta9yhq9 pic.twitter.com/YZBqiR5ZpD

— Ankr (@ankr) August 11, 2022

The funds are planned to be used for Ankr's Web3 development, including Web3 Gaming, Application Chains, and others. As per release, the protocol receives over seven billion blockchain requests per day across 18 different blockchains hosting RPC.

“We are very excited to consider Binance Labs a strategic investor. BNB Chain is by far the chain with the highest number of daily transactions and active users,” said Ryan Fang, Ankr's Chief Operating Office.

In addition, Ankr is also committed to providing support for the BNB Chain and expanding the Binance Application Sidechain (BAS) ecosystem.

“We are committed to supporting the BNB Chain with further scalability, increasing the utility of the BNB token by enabling DeFi composition using BNB Liquid Staking, and expanding the Binance Application Sidechain (BAS) ecosystem to enable innovative use cases requiring highly scalable infrastructure, and innovative infrastructure services. others open the gate to the permitted sidechain,” Fang added.

Prior to the funding injection, Ankr had announced that it had successfully activated token staking in its infrastructure. This staking feature allows ANKR token holders to lock their tokens for a certain period of time to become validators in the network. That way, they will be rewarded with tokens.

$ANKR staking is now live!🥳🫡Get started ️https://t.co/laQ986P34B pic.twitter.com/yIw68M2Ukk

— Ankr (@ankr) August 11, 2022

“Today marks a monumental achievement for Ankr. One where we have moved from a centralized infrastructure provider to a truly decentralized protocol solution, where token holders can contribute and make money across our shared network,” said Ankr's head of marketing, Greg Pompan.

He also added, that way Ankr has its own class in the cryptocurrency industry. In this regard, Ankr “is not only the best technology company, but also an important player in aligning multichain growth on Web3,” said Pompan.

As of writing, the price of the ANKR cryptocurrency is up by 41.5% in the last 24 hours. ANKR is trading at IDR 739 per token, based on data from Coingecko. ANKR touched its all-time high price (ATH) at the level of Rp3,101 on April 16, 2021.