Kraken Set to Dive Into Blockchain Waters With Its Own Chain, ‘Ink’

Kraken is setting its sights on launching its own blockchain next year, much like Coinbase’s Base chain, according to a report from Bloomberg’s Olga Kharif. The new network, which is focused on decentralized finance (defi), is expected to release a testnet later this year. Reportedly named “Ink,” the blockchain is slated to be ready for prime time by Q1 2025, according to Ink executive Andrew Koller. Coinbase’s Base chain has already proven to be a significant revenue driver for the company. Other crypto giants like Binance and Crypto.com also have their own blockchains, which were rolled out well before Base made its debut. Kraken’s announcement of Ink follows closely on the heels of its wrapped bitcoin token launch, which also follows Coinbase’s wrapped BTC project launched earlier this year.