Just In: Kraken To Launch Its Own Blockchain in 2025

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the move by Kraken to launch its own blockchain, Ink, intriguing. Having closely followed the strategies of major players like Binance and Coinbase, it seems Kraken is aiming to carve out a niche for itself in the DeFi ecosystem.

Known as one of the world’s earliest cryptocurrency trading platforms, Kraken, plans to debut its blockchain technology sometime around early next year.

Referred to as Ink, this blockchain platform facilitates the deployment of decentralized apps, empowering users to engage in peer-to-peer token transactions such as trading, borrowing, and lending – all without requiring any third parties.

Kraken Launches “Ink” Blockchain, No Token Planned

According to reports, Kraken is planning to introduce its own Layer 2 blockchain, akin to the move made by rival platform Coinbase. This new network, named Ink, employs technology similar to that of Coinbase’s Layer 2 platform, Base, which has expanded significantly in the Decentralized Finance (DeFi) sector since its debut. Given Solana’s Co-Founder Anatoly Yakovenko’s recent comments on Base Layer 2’s rapid growth and its potential influence on Ethereum‘s market position, this appears to be a promising venture.

Later this year, Ink plans to release a testing network, providing developers with a chance to begin creating apps on their platform. As shared by Andrew Koller, the network’s founder, it is anticipated that the network will become accessible in the first quarter of next year, catering to both individual and institutional users.

This action symbolizes the most recent endeavor by the digital currency trading platform to delve deeper into the Decentralized Finance (DeFi) environment, aiming to enhance its offerings of decentralized solutions. It follows in the footsteps of its competitor Coinbase, which made a similar move with Base.

In emulation of its major rivals like Binance and Coinbase, Kraken is launching its own blockchain. This step is expected to accelerate user expansion and income growth for the platform, much like it has for Binance with its successful BNB Chain.

As a researcher, I’ve observed an intriguing surge in the transaction volume within Coinbase’s Base network during Q2. This significant rise, approximately 300%, can be largely attributed to the influx of new application integrations and meme coin activities.

Kraken’s blockchain is expected to launch in the early months of next year. This technology enables the operation of decentralized applications (dApps) without requiring any intermediary services. Unlike Binance and Coinbase, Kraken does not intend to issue its own native token, thus distinguishing its approach significantly.

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2024-10-24 16:39