Ankr, a Web3 infrastructure provider, has attracted strategic investments from Binance’s venture arm. ForkLog was told by project representatives.
Ankr will allocate the funds to improving the RPC service and to developing the developer toolkit, including the Liquid Staking SDK, Web3 Gaming SDK, and App Chains As Service.
According to the statement, Binance Labs’ undisclosed investment followed the provider’s substantial contributions to the development and support of the BNB Chain ecosystem.
The Ankr team built the network’s core infrastructure, including upgrading the Erigon client, updating the archival node for the blockchain, and the scalability solution for the BNB Application Sidechain (BAS).
For example, Ankr’s implementation of Erigon technology reduced storage capacity requirements by 75% and increased RPC query throughput tenfold.
The project also enabled the composability of DeFi protocols on top of the network via BNB Liquid Staking. The platform allows BNB token holders to form yield-generating strategies by simultaneously using staking, yield farming, lending, and other capabilities.
“We are committed to supporting the ongoing scaling of the BNB Chain, increasing the utility of network tokens through BNB Liquid Staking, and expanding the BAS ecosystem,” commented Ankr’s Chief Operating Officer Ryan Fan.
Earlier in May, Binance’s venture arm invested in Persistence, the startup behind the pSTAKE liquid staking solution.
In June, amid the downturn in the crypto market, Binance CEO Changpeng Zhao said the company would help ‘good’ crypto projects weather the crisis. He later said Binance is in talks with more than 50 companies.
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