The American cryptocurrency exchange Kraken plans to launch its own blockchain, Ink, in the first quarter of 2025. This was revealed by its founder, Andrew Koller, in an interview with Bloomberg.
Access will be open to both retail and institutional users.
The launch of the test network is expected by the end of the year.
The release of a native token is not planned.
The exchange anticipates that its Layer 2 will be in demand for trading, borrowing, and lending. Dapps will be accessible through the Kraken Wallet.
The team aims to make interaction with DeFi affordable and intuitive.
Ink is based on the OP Stack from Optimism, which was used by Coinbase.
“It’s a very simple Apple-style application. Over time, users will have two centralized and decentralized ecosystems interacting with each other. You should feel like you’re doing something familiar,” explained Koller.
Initially, the network will host about a dozen dapps, including DEXs and aggregators. It could eventually become a “home” for RWAs and “advanced” lending applications, noted the top manager.
Kraken plans to act as a sequencer, earning from organizing and managing transactions. This function will be decentralized over time, promised Koller.
Rumors about Kraken’s intention to launch a Layer 2 emerged back in November 2023. Partners mentioned included Polygon, Matter Labs, and Nil Foundation.
In October, the exchange announced the launch of the “wrapped” bitcoin kBTC.
Kraken’s parent companies continue their legal battle with the SEC. In November 2023, the regulator charged them with failing to register as a trading platform.
Prior to this, the organization settled claims with the Commission regarding its staking program.