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Speaking on the matter, Rashmi Misra, Microsoft’s General Manager of AI and Emerging Technologies, noted that the partnership with Ankr will help many developers explore different use cases of Web3.
Ankr Network, a decentralized blockchain infrastructure provider that operates an array of globally distributed nodes, has announced a strategic partnership with Microsoft Corporation (NASDAQ: MSFT) to support institutional investors seeking access to blockchain data with a reliable, easy-to-use node hosting service. Following the announcement, Ankr Network’s native token ANKR spiked more than 45 percent to trade around $0.049 during the early Asian trading market.
Notably, ANKR’s 24-hour trading volume has increased to $1,124,641,863, thus resulting in a 44 percent rise to its market capitalization which stands at approximately $492,258,523 today. The announcement, however, did not positively impact MSFT shares that closed Tuesday trading at $252.67, down 2.09 percent from the day’s opening price.
“This was a critical step in bringing blockchain infrastructure to a growing sector of the digital economy. The partnership, while an incredible milestone for Ankr, is also a key indicator of how far the decentralized web has come in integrating with the crucial players in every layer of web systems. The result will be an era of extremely prolific building for blockchain-based applications from new Web3 projects as well as large enterprises entering the space,” said Chandler Song, Co-Founder & CEO of Ankr.
Microsoft’s General Manager of AI and Emerging Technologies noted that the partnership with Ankr will help many developers explore different use cases of Web3.
Bigger Picture of Ankr and Microsoft
The partnership has been warmly welcomed by the crypto community, which sees mainstream adoption of blockchain technology. Furthermore, Microsoft shut down its Azure Blockchain Service with no official explanation two years ago. As a result, the partnership with Ankr will help Microsoft cloud-based users access blockchain technology seamlessly.
Ankr 🤝 @Microsoft
We’ve partnered with Microsoft to support enterprises and organizations needing access to blockchain data with a reliable, easy-to-use node hosting service
— Ankr (@ankr) February 21, 2023
Through Ankr’s blockchain solutions combined with Microsoft’s Azure technology, Web3 developers can access a superior infrastructure to deploy scalable smart contracts. Moreover, the partnership between Ankr and Microsoft will provide a fully managed node hosting solution, complete with the choice of custom specifications for blockchain nodes for memory, bandwidth, and global location according to customer needs.
Notably, the Ankr blockchain network will be able to scale transaction processes by routing RPC requests to the best-suited nodes exceptionally quickly and reliably.
The potential of Web3 protocols has attracted institutional investors, particularly internet companies from the dotcom era. However, the proper regulations are yet to be fully implemented to guarantee the global adoption of Web3 technology.