As the crypto sector continues to grow significantly this year, Kraken cryptocurrency exchange reportedly plans to launch its own blockchain in 2025. In fact, the platform, one of the earliest exchanges in the industry, is preparing a developer testnet for its upcoming “Ink.” network.
Scheduled to launch early next year, it will enable direct decentralized financial transactions, borrowing, and token leads. Additionally, the blockchain will integrate technology likened to Coinbase’s Base network, which launched last August. .
Just In: Kraken Crypto Exchange Will Launch Its Own Blockchain In 2025.
— Watcher.Guru (@WatcherGuru) October 24, 2024
Also read: SEC lawsuit against Kraken crypto exchange goes to trial
Kraken’s Ink to debut in 2025, bringing its own blockchain to exchanges
Throughout 2024, the cryptocurrency sector has made great strides. Bitcoin became the first crypto-based ETF in the US and is attracting increasing interest from institutional investors. The entry of asset managers such as BlackRock and Fidelity into the industry has seen its value and adoption skyrocket.
Many platforms are currently looking to expand their services and expand their footprint. Among them is Kraken, which announced it will launch its own blockchain in 2025. Called Ink, it is a digital ledger that allows cryptocurrencies to be traded, lent and borrowed.
Source: Forbes
Also read: Kraken executive says Ethereum ETF launch ‘lifts all boats’
The network’s testnet is expected to go live sometime in 2024, according to a Bloomberg report. This will allow developers to test their apps for the network, with a target launch date of Q1 2025. Additionally, the report states that it will be open to both retail and institutional investors.
Cryptocurrency exchanges have developed their own blockchains as a way to drive increased revenue and activity. This was done on major exchanges Binance and BNB Chain. Moreover, Conibase also followed last year’s Base. The latter quickly became the dominant force. Volume increased by 300% in the second quarter after launch.
