Kraken Plans to Launch Its Own Blockchain, Ink, in 2025
With the cryptocurrency market experiencing significant expansion this year, the Kraken exchange is gearing up to introduce its own blockchain, named "Ink," in 2025.
As one of the industry’s original platforms, Kraken is preparing a developer testnet for this upcoming network.
Set to debut in early 2025, Ink will facilitate decentralized finance (DeFi) activities, enabling users to trade, borrow, and lend tokens directly. The technology underpinning this blockchain will incorporate features similar to those found in Coinbase’s Base network, which launched in August 2023.
The crypto landscape made notable advancements throughout 2024, highlighted by Bitcoin’s approval as the first crypto-based exchange-traded fund (ETF) in the United States. This milestone has attracted greater interest from institutional investors, with major asset managers like BlackRock and Fidelity entering the market, leading to a surge in cryptocurrency adoption and value.
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As exchanges seek to broaden their services and strengthen their market presence, Kraken stands out with its announcement of the Ink blockchain. According to a Bloomberg report, the testnet will be operational in 2024, allowing developers to create applications for the network ahead of its official launch in the first quarter of 2025. The blockchain will cater to both retail and institutional investors.
This trend of exchanges developing their own blockchains reflects a strategy to enhance revenue and user engagement, as seen with Binance and its BNB Chain, and Coinbase’s launch of Base last year. The latter quickly gained traction, experiencing a 300% increase in transaction volume during the second quarter following its introduction.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
