To help institutional investors gain access to blockchain data, Ankr Network, a vendor of decentralized blockchain assets that manages a network of geographically dispersed nodes, has entered (1) into a strategic agreement with Microsoft Corporation.
This collaboration aims to help Ankr Network fulfill its vision of connecting institutional investors with blockchain information. The native token of the Ankr Network, ANKR, jumped in value by almost 40 percent as the news spread, eventually hitting a price of about $0.048 in early Asian trading.
Importantly, ANKR's 24-hour trading volume has climbed to $1,124,641,863, which has led to a growth of 44 percent in the company's market capitalization, which is currently equivalent to around $492,258,523 today.
Microsoft shares ended trading on Tuesday at $252.67, a decrease of 2.09 percent from the day's opening price. On the other hand, the announcement did not have a beneficial influence on the stock.
This was an important milestone in delivering blockchain infrastructure to a rapidly expanding part of the digital economy. In addition to being an outstanding milestone for Ankr, the relationship is also a critical indicator of how far the decentralized web has come in integrating with the major stakeholders in every layer of web infrastructure.
According to Chandler Song, Co-Founder & CEO of Ankr, the end outcome will be an era in which there will be an extraordinarily prolific demand for blockchain-based applications from both new Web3 businesses as well as large enterprises entering the area.
According to Microsoft's General Manager of AI and Emerging Technologies, the relationship with Ankr will assist many developers in experimenting with various Web3 applications.
An overall perspective on Ankr and Microsoft
The cryptocurrency community, anticipating the widespread deployment of blockchain technology, has given the cooperation a positive reception. In addition, Microsoft abruptly discontinued its Azure Blockchain Service two years ago without providing an official justification.
Users of Microsoft's cloud-based services will have easier access to blockchain technology as a direct result of the agreement with Ankr.
Web3 developers now have access to a superior infrastructure to implement scalable smart contracts thanks to Anker's blockchain solutions and Microsoft Azure technologies. The collaboration between Ankr and Microsoft will also result in the provision of a fully managed node hosting solution.
This will include the provision of a choice of individualized specifications for blockchain nodes in terms of memory, bandwidth, and global location, all of which will be determined by the requirements of individual customers.
Significantly, the Ankr blockchain network will be able to scale transaction processes by consistently and extraordinarily fast redirecting RPC requests to the most appropriate nodes.
Institutional investors, particularly online corporations founded in the dot-com era, have shown interest in Web3 protocols due to their potential benefits. Nevertheless, the appropriate rules still need to be fully implemented to ensure the widespread adoption of Web3 technology.