The crypto world is abuzz with the news of two major partnerships for the liquid staking token Ankr (ANKR). Microsoft and Tencent have both announced their support for the decentralized finance protocol, sending the price of the ANKR token soaring to nearly 6 cents from a low of 3 cents.
The Microsoft announcement was for the two companies to offer support to enterprises looking to use blockchain technology. Tencent followed up with a memorandum of understanding (MoU) to develop a full suite of blockchain API services.
The ANKR token has seen a surge in trading volume, with over $1.5 billion in transactions over the past 24 hours. This is due in part to the emergence of liquid staking tokens and derivatives as a bullish asset class. This 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. With the partnerships of Microsoft and Tencent, the ANKR token is well-positioned to benefit from this trend. The total value locked (TVL) in the Ankr protocol is currently at $163 million, and this number is likely to increase as more investors flock to the token.
Overall, the partnerships of Microsoft and Tencent with Ankr are a major boon for the token and the decentralized finance protocol. The surge in trading volume and the emergence of liquid staking derivatives as a bullish asset class are likely to continue to drive the price of the ANKR token higher.