Kraken to Launch Ink Layer 2 Ethereum Blockchain for DeFi in 2025

Oct 24, 2024, 01:22 PM

Crypto exchange Kraken plans to launch its own blockchain, named Ink, early next year with a full launch in 2025. The new blockchain will be a Layer 2 (L2) solution built using Optimism's OP Stack technology, which is also used by Coinbase Global Inc.'s Base. Ink will support decentralized applications for trading, borrowing, and lending of tokens without intermediaries. Kraken, which has over 10 million users worldwide, aims to provide a seamless onchain DeFi experience through this new blockchain. The testnet is planned for the end of this year, and Ink L2 apps will be available through the Kraken Wallet app. Kraken does not plan to launch its own token but will host events for developers at Devcon 2024. Highlights of Ink include sub-second block times and interoperability, contributing to the adoption of Ethereum L2.