After more than a decade as a leading U.S.-based crypto exchange, Kraken is preparing to launch its own blockchain network, called Ink, with a planned debut in early 2025, according to Bloomberg.
This new layer-2 (L2) blockchain will operate on the Optimism Superchain, a network designed to share Ethereum’s security and governance standards, making it easier for users to trade, lend, and borrow crypto assets through decentralized applications (dApps) without intermediaries.
Ink’s testnet will go live later this year, allowing developers to experiment with apps on the new network. Kraken’s founder, Andrew Koller, highlighted that the platform will be accessible to both retail and institutional users in early 2025, with several decentralized exchanges and aggregators ready to operate on it.
Kraken aims for Ink to simplify and streamline decentralized finance (DeFi), making it cost-effective and user-friendly.
The exchange will initially act as Ink’s sequencer, overseeing transaction management, before gradually decentralizing these functions. Notably, Kraken will not release its token with Ink’s launch, focusing instead on building a strong ecosystem for real-world assets and advanced lending tools.
This move follows a trend of exchanges, including Coinbase with its Base network, launching proprietary blockchains to increase engagement and revenue.
Kraken has also been broadening its services, introducing Wrapped Bitcoin (kBTC) for the Ethereum and OP Mainnet networks.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
