Kraken, one of the most prominent cryptocurrency trading platforms, is on track to launch its own blockchain dubbed "Ink," according to a Thursday report by Bloomberg.
The report says that a 40-strong team is currently busy working on this chain.
The exchange will follow in the footsteps of its archrival Coinbase, which released its Base blockchain to the public last August.
According to data provided by DefiLlama, Base is the fifth largest blockchain by total value locked (behind only Ethereum, Tron, Solana, and BSC).
Ink's testnet is supposed to kick off his year, according to the Bloomberg report. It will become available to the general public in Q1 2025.
Gamza KhanzadaevThe blockchain has been pitched as simple and intuitive, and it is supposed to make decentralized finance (DeFi) more accessible for the average Joe. Kraken also claims that it is secure and interoperable.
The blockchain will initially offer decentralized exchanges (DEXes) as well as some aggregators. Later, the list of available apps will be expanded.
The exchange claims that the Ink blockchain will be able to offer "world-class" development opportunities. "Powered by the Superchain and fortified by over a decade of crypto expertise, this is where visionary builders turn code into financial revolutions", its website says.
Kraken, which was launched back in 2011, is, of course, one of the oldest cryptocurrency exchanges on the market.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin