Ankr Receives Strategic Investment from Binance Labs

Binance Labs, the venture capital and incubation arm of Binance, has made a strategic investment in Ankr, a Web3 infrastructure provider. The funds will be used to enhance Ankr's remote procedure call (RPC) service and build its Web3 developer suite.

Ankr has previously made open-source contributions to Binance's BNB Chain and BNB Liquid Staking. It helped build out BNB Chain's core infrastructure. Additionally, Ankr further improved the BNB ecosystem by implementing the Erigon and Archive Node upgrades, as well as the latest BNB Application Sidechain (BAS) scalability solution. Ankr also supports the BNB Chain ecosystem by bringing DeFi composability to BNB Liquid Staking.

"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," said Ryan Fang, co-founder of Ankr. "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."

In the past three months, Binance Labs has invested in several Web3 projects such as Magic Square​, a community-driven Web3 multi-chain crypto app store, and PancakeSwap, a decentralized exchange built on BNB Chain. Furthermore, the investor had announced the closing of a new $500 million investment fund​, which aims to invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3 and blockchain technologies.