Being an industry giant for the past 14 years, Kraken, one of the oldest centralized cryptocurrency exchanges, is planning to explore areas of blockchain technology similar to Coinbase and Binance. On October 24, 2024, Kraken published a report announcing that it will launch its own blockchain, “Ink” for both retail and institutional users.
In a report, Andrew Koller, the founder of Ink said that Kraken will launch in the first quarter of 2025 to support decentralized applications that allow users to trade, borrow, lend tokens, and explore many other use cases without intermediaries.
Kraken’s Ink is similar to Coinbase’s Base and Binance’s BNB Chain. Additionally, the report outlined the purpose of Kraken’s upcoming blockchain. Since DeFi apps have been too complex for the average person for years, Kraken aims to make them simpler, cheaper, and more intuitive to use for earning yield and other functions.
Kraken’s Objective of Launching Ink
Another reason for launching this blockchain is to increase revenue, as competitor blockchains are currently generating significant profits.
In a report, Kraken noted that following the launch of Coinbase’s Base, it saw a 300% increase in the number of transactions in the second quarter, potentially driven by the launch of apps and meme coins.
Besides the blockchain launch, Kraken has no plans to introduce its own token, similar to BNB or USDC, Koller noted in the report.
It’s a very easy-to-use, Apple-esque experience,” Koller said. “Over time, our users will have these two centralized and decentralized ecosystems playing with each other. We want you to feel that you are doing something familiar.
During Ink’s debut, dozens of decentralized exchanges and aggregators will be available, Koller added in the report. Additionally, there is a possibility that a significant number of meme coins will flood the blockchain, similar to what happened with Base after its launch.
As of now, 40 individuals are working on the Ink blockchain. Additionally, Kraken has scheduled an event for Ink developers, including Devcon in Thailand in November 2024.
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