DeFi Protocol Ankr's Token Surged 73% on Microsoft and Tencent Partnerships

Daily trade volume has topped $1.5 billion following the partnerships.

AccessTimeIconFeb 22, 2023 at 2:42 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Liquid staking token Ankr (ANKR) continues to trade 73% higher than Tuesday's open after it announced partnerships with technology giants Microsoft and Tencent.

The initial Microsoft announcement, under which the two companies offer support to enterprises looking to use blockchain technology, sent price surging to nearly 6 cents from a low of 3 cents.

China-based Tencent followed up by announcing that it has signed a memorandum of understanding (MoU) with Ankr to develop a full suite of of blockchain API services.

ANKR is the native token of the decentralized finance protocol of the same name, which has about $163 million in total value locked (TVL), according to DeFiLlama. Trading volume for the ANKR token across all exchanges eclipsed $1.5 billion over the past 24 hours, according to CoinDesk data.

The emergence of liquid staking tokens and derivatives as a bullish asset class was spurred by regulatory action against exchanges offering traditional staking, with Kraken immediately shutting all staking products in the U.S. and paying a $30 million fine to the Securities and Exchange Commission (SEC).

Liquid staking derivatives, which remain untouched by regulation, have experienced a flurry of trading activity over the past few weeks as investors attempt to secure a yield on their crypto holdings.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.