American cryptocurrency exchange Kraken, the sixth-largest traded, is preparing to launch its Ink blockchain in early 2025. This modern platform aims to facilitate decentralized applications (dApps), allowing users to trade, borrow and borrow tokens without an intermediary.
Kraken Ink’s blockchain technology goals
According to a recent one report developed by Bloomberg, Ink will apply technology similar to that of Coinbase Base, which has quickly become one of the largest DeFi platforms since its launch over a year ago.
Andrew Koller, founder of Inka, stated that a testnet will be rolled out later this year that will allow developers to experiment with applications before the blockchain is made available to retail and institutional users in the first quarter of 2025.
Ink, built on Optimism’s Superchain, aims to improve user engagement with “top-tier” decentralized finance (DeFi) applications, protocols and communities, the company said in its report blog entry on Thursday.
The modern blockchain will be aligned with the broader Ethereum ecosystem, leveraging Ethereum’s security and joining Superchain, a unified network of blockchains that share common security and governance standards.
Koller emphasized that Ink is unique as the only blockchain backed by a major Western exchange focused on creating an “optimal DeFi experience.” The platform’s vision is to support a “capital-efficient” ecosystem that prioritizes community engagement and innovation, while ensuring the benefits of DeFi are available to everyone.
Launching the copyright blockchain is part of a broader trend among cryptocurrency exchanges that have seen significant growth and revenue generation through their blockchain-based initiatives.
Notable examples include Binance’s BNB chain and Coinbase, which have successfully increased user engagement and transaction volume.
Ink for RWA and advanced lending applications
At launch, Ink is expected to support over a dozen applications, including decentralized exchanges and aggregators. Koller predicts that blockchain may eventually support real world assets (RWA) and advanced credit applications.
Initially, Kraken plans to act as the network’s sequencer, managing and orchestrating transactions to generate revenue. However, Koller indicated that it would eventually be a role decentralizedallowing multiple parties to share responsibility.
As Kraken continues to develop Ink, approximately 40 team members are involved in the project. The company is also planning events for developers, including participation in the Devcon trade fair in Thailand in November.
Founded in 2011 in San Francisco, Kraken is expanding its product offerings as it considers a potential initial public offering (IPO). However, like many companies in the crypto space, Kraken’s future may be impacted by upcoming changes in the US cryptocurrency regulationsespecially in lithe of the upcoming elections.
The exchange came under regulatory scrutiny last year when the U.S. Securities and Exchange Commission (SEC) charged operating as an unregistered broker. In February 2023, Kraken settled separate fees related to staking services.
Featured image from DALL-E, chart from TradingView.com
