Kraken to Launch New Blockchain Platform in 2024

One of the crypto industry’s pioneering exchanges, Kraken, has announced plans to launch its own blockchain platform in early 2024. The new platform, named Ink, will enable users to engage with decentralized applications for trading, borrowing, and lending cryptocurrency without intermediaries.

Kraken’s New “Ink” Blockchain Enters the Layer 2 Race

Following in the footsteps of major competitor Coinbase, Kraken is developing its own Layer 2 blockchain solution. The new network, Ink, leverages similar technology to Coinbase’s Base platform, which has emerged as a significant player in DeFi since its debut. This strategic move comes at a time when Layer 2 solutions are gaining prominence, as recently highlighted by Solana Co-Founder Anatoly Yakovenko’s comments on Base’s impressive growth and its impact on Ethereum’s ecosystem.

Developers will have early access to Ink through a testnet launching later this year, with the full network scheduled to go live in Q1 2024 for both retail and institutional users, according to Ink founder Andrew Koller.

This initiative represents Kraken’s latest push into the DeFi space, following similar moves by competitors like Coinbase with Base and Binance with its BNB Chain. These blockchain launches have proven successful in driving user adoption and revenue growth, particularly evident in Binance’s case with BNB Chain becoming a global leader.

Coinbase’s Base network demonstrated the potential of such platforms, recording a 300% surge in transaction volume during Q2, driven primarily by new applications and meme token activity.

However, Kraken’s approach differs notably from its competitors – while Ink will support decentralized applications without intermediaries, the platform has no plans to issue a native token, marking a departure from the token-based strategies employed by Binance and Coinbase.

Disclaimer: The information provided represents the author’s perspective and should not be considered financial advice. Readers should conduct their own research before making investment decisions in cryptocurrencies. Neither the author nor the publication assumes responsibility for any financial losses incurred.