As Bitcoin, Ethereum Mute Again — Altcoin Rallies 50% On News Of Binance Investment

The native token of the Ankr ANKR/USD blockchain rallied 50% to a three-month high on Thursday.

What Happened: ANKR surged from $0.03 to an intra-day high of $0.056 over 24 hours, as per data from Benzinga Pro. The token has seen its price appreciate 95% over the last seven days.

ANKR’s massive rally comes after leading crypto exchange Binance announced a strategic investment in the blockchain platform.

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

— Binance Labs Fund (@BinanceLabs) August 11, 2022

The funds will go toward ramping up the work on Ankr’s remote procedure call (RPC) service and building out its Web3 developer suite, Binance’s venture arm said in a blog.

"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,” said Ryan Fang, co-founder of Ankr, in a statement.

Ankr is a decentralized cross-chain network that introduces the ability for anyone to stake a full node on the blockchain.

The web3 infrastructure provider lets developers building on Ankr stake 100,000 ANKR tokens to their nodes before serving remote procedure calls or “RPC” traffic. Individual token holders can also support node providers by staking their ANKR holdings.

In return for servicing these requests, these node providers and stakers will receive ANKR rewards.

At the time of writing, the Ankr protocol serves an average of 250 billion RPC requests per month across 50 blockchain networks. 

Price Action: The crypto market saw a 0.61% decline to $1.15 trillion over the last 24 hours, with major cryptocurrencies seeing this week's rally fade. At press time, Bitcoin BTC/USD was trading at $24,00, down 1.4% over 24 hours and Ethereum ETH/USD  was trading at $1,900, up 1.18% over the same period.