Token Description & Project Background

The Ankr Network serves as a multi-chain management platform for cloud computing resourcing, building an ecosystem of resource demanders, providers, developers and consumers. Ankr seeks to provide affordable, and decentralized cloud computing services. 

Developers can leverage Ankr’s custom application programming interfaces (APIs) and remote program calls (RPCs) to provide a simplified means of deploying applications to various independent blockchain networks including Ethereum, Polygon and Polkadot. Likewise, the protocol offers an SDK toolkit, which supposedly facilitates the creation of multi-chain-run GameFi titles.

ANKR is the network's native utility token. It is primarily used as a payment solution within the network.

The token launched May 2018 through private sale and an ICO September 2018 which excluded US citizens. 

The project was co-founded by Chandler Song (CEO),  Stanley Wu (CTO) and Ryan Fang (COO). Song studied at UC Berkeley,  and worked as an engineer for Amazon Web Services. Prior to joining Ankr Network, Fang was an investment banking analyst at Morgan Stanley.

Risks of ANKR

Like an investment in other crypto assets, there are some general risks to investing in ANKR. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in ANKR is subject to the following specific risks:

• Annkr Network is not the only Web3 project offering multi-chain infrastructure for decentralized application developers. Any potential success associated with ANKR depends on Ankr Network’s rate of adoption by developers.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with ANKR. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The ANKR community and Ankr Network founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of ANKR have no recourse to the ANKR community, Ankr Network founding tea, or Uphold if ANKR declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing ANKR on the Uphold Platform, Uphold performed due diligence on ANKR and determined that ANKR is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of ANKR, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of ANKR.
• Any marketing materials put forward by the ANKR social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with ANKR, including any code defects, security breaches and other threats concerning ANKR and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with ANKR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of ANKR. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.