Kraken Launches 'Ink” Blockchain, No Token Planned

Kraken is reportedly launching its own Layer 2 blockchain, similar to the move made by its competitor, Coinbase. The new network, called Ink, uses similar technology to Coinbase’s Layer 2 platform, Base.

Major cryptocurrency exchange Kraken is set to launch its own blockchain early next year, according to a report by Blockworks.

The blockchain, dubbed "Ink," will reportedly house decentralized applications (dApps) that facilitate trading, borrowing, and lending of tokens autonomously and without the involvement of intermediaries.

Kraken is said to be launching its own Layer 2 blockchain, similar to the move made by its competitor Coinbase earlier this year. The new network, called Ink, uses technology akin to Coinbase's Layer 2 platform, Base, which has quickly become a dominant force in the DeFi space since its launch.

In a recent development, Solana co-founder Anatoly Yakovenko discussed Base Layer 2's rapid growth and its impact on Ethereum's market position.

Ink will reportedly launch a testnet later this year, allowing developers to begin building applications on the chain. According to Andrew Koller, Ink's founder, the network is expected to open in the first quarter of next year, catering to both retail and institutional users.

The cryptocurrency exchange's move also marks its latest effort to venture deeper into the DeFi ecosystem and offer more decentralized services, joining its rival Coinbase in a strategy that has fueled user growth and revenue gains.

Binance and its BNB Chain, a global favorite, have also benefited from this approach. In the case of Coinbase, its Base network saw a 300% increase in transaction volume in Q2, largely due to new dApp and meme coin activity.

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