Ankr raises funds from Binance Labs for its BNB Chain
Ankr announced today that it has received a strategic investment from Binance Labs to improve the scalability of its network after the launch of its ANKR token staking to allow Web 3 users to earn rewards. The total amount of funding was not disclosed.
Ankr will use the funding proceeds to ramp up its work on its Remote Procedure Call RPC service, and build out its Web 3 developer suite, including its Liquid Staking SDK, Web 3 Gaming SDK, and App Chains As a Service. Ankr Protocol serves an average of over 7 billion requests per day across the 18 blockchains it hosts RPCs on.
Binance Labs is the venture capital arm and accelerator of the world's largest criptocurrency exchange.
Binance Labs strategic investment follows Ankr's significant open-source contributions to the BNB Chain, BNB Liquid Staking, and its continued support for the ecosystem. All BNB Chain projects and users can benefit from Ankr's upgrades to the network. A faster and more efficient BNB Chain will speed up Web 3 adoption.
We are very excited to count on Binance Labs as an investor. The BNB Chain is the chain with the highest number of daily transactions and active users. Ryan Fang, Chief Operating Officer at Ankr, said. We're committed to support BNB Chain further scale, enhance BNB token utility by enabling DeFi composability using BNB Liquid Staking, and expand the Binance Application Sidechain BAS ecosystem to enable innovative use cases requiring a highly scalable infrastructure, and other innovative infrastructure services opening the gates to permissioned sidechains. Ankr built out the core infrastructure of the BNB Chain including their Erigon upgrade, Archive Node upgrade, and the latest BNB Application Sidechain BAS scalability solution. The Erigon upgrade reduced the storage requirements by 75% and increased RPC request performance by 10 x.
It further supported the BNB Chain ecosystem with BNB Liquid Staking, which brings DeFi composability on top of staked BNB. With the ability to combine strategies like staking, farming, lending, contributing to vaults, and more, the ability to earn money in DeFi gives BNB token holders an array of options when choosing how to earn in DeFi.
Ankr makes using dApps, wallets, and cripto-coin games possible by connecting them to the blockchains they need to communicate with. If you think of all Web 3 projects and dApps as city blocks, Ankr is like the underlying utility service that powers it all.
About Binance Labs
Binance Labs was founded in 2017 and helps grow the larger blockchain ecosystem by investing, investing, and empowering viable entrepreneurs, startups, and communities. Since 2018, Binance Labs has invested in more than 100 projects from over 25 countries. Its portfolio includes projects such as 1 inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox and STEPN.
Ankr was founded in 2021 to help businesses run their own blockchains faster, enabling them to offer users the best Web 3 experiences. Ankr Protocol serves 250 billion RPC requests a month across 50 blockchain networks, and runs RPC services for 18 partners, making it the largest RPC provider in the industry.