Originally published on: October 24, 2024
Kraken, a leading centralized cryptocurrency exchange, is gearing up to launch its very own blockchain called “Ink” in early 2025, with a strong focus on decentralized finance (DeFi) applications. This move marks a significant shift for Kraken as it looks to empower users to trade, borrow, and lend tokens without the need for intermediaries, offering a seamless DeFi experience.
Ink is poised to simplify the DeFi process, making it more accessible and cost-effective for a wider audience. Set to rival similar initiatives like Binance’s BNB Smart Chain and Coinbase’s Base blockchain, Ink will not issue a native token but will integrate DeFi tools like decentralized exchanges (DEXs) and yield-generating platforms within the Kraken Wallet app.
Andrew Koller, the visionary behind Ink, envisions a future where users can seamlessly transition between centralized and decentralized services. The platform is expected to roll out a developer testnet in 2024, allowing developers to experiment with decentralized applications (DApps) ahead of the full blockchain launch.
With an eye on meeting the growing demand for DeFi services, Ink’s unique model leverages revenue from managing and organizing network transactions. This strategy has proven successful for platforms like Coinbase and Binance, with substantial sequencer revenue generation.
Ink is also set to launch with a diverse range of DApps to enhance user experience, paving the way for real-world assets and advanced lending platforms in the pipeline. Kraken’s recent foray into the Bermuda derivatives trading platform further highlights its commitment to innovation and growth in the crypto space.
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