In her first major act as the head of Binance Labs, Yi He has made a strategic investment in Ankr.
Binance Labs, the venture capital arm and accelerator of Binance, announced on Thursday, August 11th, that it had made a strategic investment in Web3 infrastructure provider Ankr. The venture capital said the funds would go toward ramping up the work on Ankr’s remote procedure call (RPC) service and building out its Web3 developer suite.
Ankr is known for making made open-source contributions to the BNB Chain and BNB Liquid Staking. The protocol helped build out BNB Chain’s core infrastructure. Furthermore, Ankr helped improve 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.
Ankr has been a huge part of the BNB ecosystem over the past few years. Ankr supports the network by bringing DeFi composability to BNB Liquid Staking. With Ankr, BNB token holders can engage in staking, farming, and contributing to vaults all at once.
Users can also mint new liquid staking tokens, which can be used to earn layers of rewards on both BNB Chain and Ethereum-based decentralized exchanges (DEXs).
While commenting on this latest development, Ryan Fang, the co-founder of Ankr, said:
"We are very excited to have Binance Labs as a strategic investor. BNB Chain is the chain with the highest amount of daily transactions and active users by far. 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."
Ankr is fast-becoming one of the most important blockchain projects in the crypto space. Its developer suite includes the Multi-Chain Liquid Staking software development kit (SDK), Web3 Gaming SDK, and App Chains-as-a-Service. Ankr Protocol has become an underlying utility service that powers Web3 projects and DApps and currently serves an average of 250 billion RPC requests per month across 50 blockchain networks.
The strategic investment comes just a week after Binance’s co-founder, Yi He was appointed to lead Binance Labs. Binance Labs is the $7.5 billion venture arm of Binance, consisting of more than 200 portfolio projects.
With this latest development and more positive Binance reviews, the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.