Crypto exchange, Kraken, plans to launch its own blockchain called Ink in early 2025 with a goal to make decentralized finance (DeFi) applications easier to access, allowing users to trade, borrow, and lend tokens without needing a middleman 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 Ethereum Superchain.
Andrew Koller, the founder of Ink, described it as having a user-friendly experience similar to Apple products with much simplicity to attract both experienced crypto users and newcomers. A test version for developers will be available later this year, allowing them to build 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 all. We’re excited to accelerate the move onchain with an interoperable L2 that will make it even more seamless for crypto users to access DeFi. Ink the future.”
According to the report, Ink plans to launch over a dozen DApps, including decentralized exchanges and yield-generating platforms within the Kraken Wallet app.
However, Kraken said it does not intend to issue a native token for Ink. Instead, it will initially manage transaction processes and later transition to a decentralized system.
This approach will enhance revenue generation, similar to Coinbase, which reported $53 million in sequencer revenue during the second quarter of 2024.
This new development comes shortly as the exchange launched a derivatives trading platform in Bermuda on Oct. 3, after receiving a Class F Digital Business License from the Bermuda Monetary Authority.
Also Read: Kraken Exchange Launches Wrapped Bitcoin Token kBTC
