u.today
Kraken, one of the most prominent cryptocurrency trading platforms, is on track to launch its own blockchain dubbed "Ink," according to a Thursday report by Bloomberg.
The report says that a 40-strong team is currently busy working on this chain.
The exchange will follow in the footsteps of its archrival Coinbase, which released its Base blockchain to the public last August.
According to data provided by DefiLlama, Base is the fifth largest blockchain by total value locked (behind only Ethereum, Tron, Solana, and BSC).
Ink's testnet is supposed to kick off his year, according to the Bloomberg report. It will become available to the general public in Q1 2025.
The blockchain has been pitched as simple and intuitive, and it is supposed to make decentralized finance (DeFi) more accessible for the average Joe.
The blockchain will initially offer decentralized exchanges (DEXes) as well as some aggregators. Later, the list of available apps will be expanded.
Kraken, which was launched back in 2011, is, of course, one of the oldest cryptocurrency exchanges on the market.