US-based cryptocurrency exchange Kraken, the sixth largest trading volume, is preparing to launch its blockchain, Ink, in early 2025. This new platform aims to facilitate decentralized applications (dApps), enabling users to trade, borrow and lend tokens without intermediaries.
Kraken Ink Blockchain Goals
According to a recent report According to Bloomberg, Ink will use similar technology to Coinbase’s Base, which has quickly become one of the largest DeFi platforms since its launch over a year ago.
Andrew Koller, the founder of Ink, said a testnet would be introduced later this year, allowing developers to experiment with applications before the blockchain opens to retail and institutional users in the first quarter of 2025.
Built on Optimism’s Superchain, Ink is designed to improve user engagement with “leading” decentralized finance (DeFi) applications, protocols and communities, the company said in a statement. blog post THURSDAY.
The new blockchain will align with the broader Ethereum ecosystem by leveraging Ethereum’s security and joining the Superchain – a unified network of blockchains that share security and governance standards.
Koller highlighted 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 foster a “capital efficient” ecosystem that prioritizes community involvement and innovation while ensuring that the benefits of Challenge are accessible to all.
Start a Proprietary Business blockchain aligns with a broader trend among crypto exchanges that have seen significant growth and revenue generation from their blockchain initiatives.
Notable examples include Binance’s BNB Chain and Coinbase, both of which have successfully boosted user engagement and trading volume.
Ink to support RWA and advanced lending applications
At launch, Ink is expected to host more than a dozen applications, including decentralized exchanges and aggregators. Koller predicts that blockchain could eventually support real world assets (RWA) and advanced lending applications.
Initially, Kraken plans to serve as the chain’s sequencer, managing and organizing transactions to generate revenue. However, Koller indicated that this role would eventually be decentralizedallowing multiple parties to share responsibility.
As Kraken continues to develop Ink, approximately 40 team members are dedicated to the project. The company is also planning developer events, including attending Devcon in Thailand this November.
Founded in 2011 in San Francisco, Kraken has expanded its product offerings while considering a possible initial public offering (IPO). However, like many companies in the crypto industry, Kraken’s future could be influenced by upcoming changes in the United States. cryptocurrency regulationsespecially in light of the upcoming elections.
The exchange faced regulatory scrutiny last year when the U.S. Securities and Exchange Commission (SEC) loaded it by operating as an unregistered broker. In February 2023, Kraken settled separate fees related to its staking services.
Featured image of DALL-E, chart by TradingView.com
