Journalists reveal Kraken plans to launch an L2 network

Kraken, a bitcoin exchange, is in talks with Polygon, Matter Labs and Nil Foundation about a potential partnership to launch a Layer-2 solution modeled on Coinbase. CoinDesk reports, citing sources familiar with the matter.

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The initiative helped the competitor diversify its revenue sources, the outlet noted.

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Kraken plans to base the new solution on OP Stack from Optimism.

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A platform spokesperson said the exchange aims to address new industry challenges.

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“We are enthusiastic about open-source software, L2 technologies, ZKP, MPC and we are continually exploring the potential of scaling solutions. Recently the team began studying the possibility of integrating protocols and dapps,” — he said.

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Kraken is currently posting a vacancy for a senior cryptography engineer. The duties will include ‘designing and implementing L2 solutions’.

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The public launch Base took place in early August. Developers were able to use the protocol as of July 13.

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Within 24 hours of broad access to the network, it rose to fifth place in TVL among L2 solutions.

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In October, developers opened the source code of smart contracts and repositories on GitHub.