Binance Labs joins in Ankr after $500M Web3 Fund

Ankr protocol has secured further funding from Binance Labs, the venture capital arm of Binance.

Binance Labs revealed a strategic investment in the cross-chain decentralised financial staking technology Ankr, as the investment arm seeks to promote crypto startups at various stages and enhance Web3 ecosystem advances.

While Binance Labs has verified the infusion of additional funds into the business, the precise amount invested in Ankr is unclear as of press time.

Ankr is a DeFi solution that enables cross-chain staking interoperability amongst many blockchain networks. The protocol debuted in 2017 and is now supported by about 18 decentralised chains.

Additionally, Binance has benefited from Ankr’s growth. Ankr is said to have delivered open-source contributions to the BNB chain and contributed to the development of BNB liquid staking. In addition, Ankr’s Erigon and Archive Node enhancements helped strengthen the BNB ecosystem.

The investment in Ankr would be used to support the protocol’s remote procedure call (RPC) service, a solution that utilises globally dispersed nodes to provide efficient processing power.

According to Thursday’s release, Ankr’s Web3 developer suite would also get assistance from the cash investment.

The VC company created a $500 million web3 and blockchain fund in June, with DeFi being one of the beneficiaries. Additionally, Zhao’s exchange announced a €100 million fund for French cryptocurrency entrepreneurs.

In addition, Binance announced new investment leadership at the beginning of August. After Bill Qian resigned from his role as head of Labs, co-founder Yi He was promoted to the post.

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