Strategic Investment In This Altcoin From Binance: The Price Has Jumped

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  • A decentralized blockchain infrastructure provider took action after receiving support from Binance Labs.

As reported earlier today, the decentralized cross-chain staking platform Ankr (ANKR)received a strategic investment from Binance Labs, a branch of Binance, one of the largest global cryptocurrency exchanges. The support of such a major strategic partner is expected to help Ankr gain recognition by more and more people in the crypto space.

Ankr’s BNB Chain (formerly BSC) and BNB Liquid Staking His involvement in the development of the solution also influenced the choice of the exchange. According to the press release, Ankr’s activities not only improved the overall performance of the ecosystem, but also significantly optimized its blockchain data storage and increased its performance by 100 times.

Speaking on the subject, Ankr Operations Director Ryan Fang said:

“As a strategic investor, we are excited to have Binance Labs. BNB Chain is by far the blockchain with the highest number of daily transactions and active users. Binance Application Sidechain (BAS) with services to help further scale BNB Chain, increase BNB token utility by enabling DeFi composability via BNB Liquid Stake, and enable enabling innovative use cases that require a highly scalable infrastructure as well as other innovative infrastructure. ) ecosystem.”

After the news broke, ANKR quotes started to rise more than 60 percent within an hour, where at $0.052 per token, many investors decided to exit the altcoin.

Such a price increase allowed the project to add $170 million to its market cap, with ANKR currently valued at $533 million. The price cap for the token is difficult to predict as the size of Binance Labs’ investment has not been disclosed, but we can still see impressive price changes.

Binance Labs investments

Ankr was another project touched by the “golden hand” of Binance Labs. At the beginning of the summer, Binance’s investment arm also raised a $500 million investment fund with the support of the world’s leading investors. The goal of the fund was to invest in projects like Ankr that could expand the use of cryptocurrency and promote the adoption of Web3 technology and blockchain in general.

Moreover, Binance Labs recently gained a new manager, with Binance co-founder Yi He taking over as head of the platform, and it seems – as evidenced by today’s events – that this manager doesn’t like to waste time.

ANKR Token Staking Goes Live

Binance’s investment in Ankr comes just days after the protocol announced that it enables infrastructure-level token staking.

This development means that ANKR token holders are allowed to stake to support nodes and earn rewards. Ankr Marketing Director Greg Gompan said about ANKR token staking:

“Today marks a monumental achievement for Ankr. We have moved from a centralized infrastructure provider to a truly decentralized protocol solution where token holders can contribute and earn with us over the network. This places Ankr in its class not only as one of the best tech companies in the industry, but also as one of the best pure games to adapt to multi-chain growth across Web3.”

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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