Cryptocurrency exchange Kraken plans to launch its own blockchain called Ink in early 2025 with the aim of facilitating access to decentralized finance (DeFi) applications, allowing users to trade, borrow and lend tokens without the need for an intermediary or intermediaries.
According to the press release, Ink will be a layer 2 (L2) blockchain based on Optimism’s OP stack and will connect to the Ethereum superchain.
Andrew Koller, the founder of Ink, described it as offering a user-friendly experience similar to Apple products with plenty of simplicity to attract both experienced crypto users and newcomers. A test version for developers will be available later this year, allowing them to create decentralized applications (DApps) before the full launch.
In Koller’s statement, he said: “Ink will work closely with developers and the community to create a compelling ecosystem for everyone. We are excited to accelerate the move to on-chain with an interoperable L2 that will make it even easier for crypto users to access DeFi. Ink the future. »
According to the report, Ink plans to launch more than a dozen DApps, including decentralized exchanges and yield-generating platforms within the Kraken Wallet app.
However, Kraken has stated that it has no plans to issue a native token for Ink. Instead, it will initially manage transaction processes and then move to a decentralized system.
This approach will improve revenue generation, similar to Coinbase, which reported $53 million in sequencer revenue during the second quarter of 2024.
This new development comes shortly after the exchange launched a derivatives trading platform in Bermuda on October 3, having received a Class F digital trading license from the Bermuda Monetary Authority.
Also Read: Kraken Exchange Launches Wrapped Bitcoin Token kBTC
