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Kraken, one of the world's oldest cryptocurrency exchanges, is preparing to launch its own blockchain next year.
Kraken is reportedly planning to launch its own layer 2 network on top of the Ethereum (ETH) blockchain next year, Bloomberg reported.
Kraken’s blockchain, called “Ink,” will host decentralized applications that enable the independent buying, selling, lending and borrowing of tokens without the involvement of intermediaries.
The new blockchain, called Ink, will use technology similar to Coinbase's Layer 2 platform Base.
According to Ink founder Andrew Koller, the network is expected to open for both retail and enterprise users in the first quarter of next year.
“An L2 is only as good as the value it provides to users, and that value is created by a thriving developer ecosystem. As part of the Superchain, Ink will lay the foundations for an interoperable and pluralistic on-chain ecosystem that will attract developers and make Ink the ideal platform for the next generation of DeFi applications and protocols,” Koller told Coindesk.
It was evaluated that Kraken made this move to further expand into the DeFi ecosystem and provide more decentralized services.
*This is not investment advice.