Binance Labs Invests in Cross-Chain Staking Protocol Ankr After $500 Million Web3 Fund

Summary:

• Ankr protocol has received fresh capital from Binance Labs, Binance’s venture capital arm.
• The exact amount invested remains undisclosed at press time.
• The pair previously collaborated to build out key infrastructure for the BNB Chain.
• Ankr provides support by delivering DeFi composability to BNB Liquid Staking as well.
• Zhao’s VC department recently announced a $500 million fund to incentivize innovation in Web3 and blockchain.
• The investment arm also onboarded new leadership. 

Binance Labs disclosed a strategic investment in cross-chain decentralized finance staking protocol Ankr as the investment arm looks to support crypto companies at different stages and bolster developments throughout the Web3 ecosystem.

While Binance Labs has confirmed the fresh capital injection into the service, the exact amount invested in Ankr remains unknown at press time.

Welcome @ankr to the #Binance Labs Family!

ICYMI — Ankr is a decentralized infrastructure and cross-chain staking DeFi platform that aims to make Web3 accessible for everyone.https://t.co/hvtYv43xGJ

Ankr is a DeFi solution that powers staking compatibility with several blockchain networks, also known as cross-chain staking. The protocol launched in 2017 and currently runs on some 18 decentralized chains.

Binance has benefitted from Ankr’s development as well. Ankr reportedly deployed open-source contributions to the BNB chain and helped to build BNB liquid staking. Furthermore, Ankr’s Erigon and Archive Node upgrades aided in bolstering the BNB ecosystem.

The investment into Ankr would be targeted at supporting the protocol’s remote procedure call (RPC) service, a solution that leverages nodes spread across the globe to deliver efficient computing power.

Ankr’s Web3 developer suite should also receive support from the capital injection, per Thursday’s statement.

Binance Labs Deploys Capital From $500 Million Web3 Fund Under New Leadership

The DeFi service is one of the benefactors of a $500 million web3 and blockchain fund announced by the VC firm back in June. Zhao’s exchange also unveiled a  €100 million fund for French crypto startups as well. 

Binance also announced new leadership for its investment at the start of August. Co-founder Yi He was appointed as the new head of Labs after former head Bill Qian resigned from the position.

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