Ankr Token Surges 73% After Microsoft and Tencent Partnerships

Ankr’s Token Surges 73% Following Microsoft and Tencent Partnerships

  • Ankr (ANKR), a decentralized finance protocol, saw its native token surge 73% following partnerships with Microsoft and Tencent.
  • The agreement with Microsoft will offer support to enterprises looking to use blockchain technology.
  • Tencent has also signed an MoU with Ankr to develop a full suite of blockchain API services.

Background Information

Ankr is a liquid staking token that has recently seen a surge in trading activity. Liquid staking tokens are derivatives that remain untouched by regulation, allowing investors to earn yields on their crypto holdings. The total value locked (TVL) in the Ankr protocol is $163 million according to DeFiLlama. In addition, the ANKR token’s daily trade volume across all exchanges has exceeded $1.5 billion over the last 24 hours according to CoinDesk data.

Microsoft Partnership

On Tuesday, Ankr announced a partnership with technology giant Microsoft. Under this agreement, the two companies will provide support for enterprises looking to use blockchain technology. This announcement sent price surging from 3 cents up nearly 6 cents per token.

Tencent Partnership

Following this news, China-based Tencent announced it had signed an MoU with Ankr in order to develop a full suite of blockchain API services. This further contributed to the positive price action of ANKR and its 73% surge since Tuesday’s open.

Regulatory Action

The emergence of liquid staking tokens as a bullish asset class was spurred by regulatory action against exchanges offering traditional staking products such as Kraken which immediately shut down all related products and paid a $30 million fee for not complying with SEC regulations.

Overall, these developments have caused ANKR’s price to skyrocket across all exchanges due its partnerships with Microsoft and Tencent as well as other factors such as regulatory actions that have made liquid staking tokens an attractive asset class for investors seeking yield on their crypto holdings.