TL;DR
- Kraken will launch its own blockchain called Ink in early 2025, focused on DeFi applications for trading, lending, and yield without intermediaries.
- Ink will allow users to interact between centralized and decentralized ecosystems, simplifying access to financial tools and improving profitability.
- It does not plan to issue a native token for Ink, but will focus on optimizing infrastructure and user experience through its wallet.
Kraken, one of the oldest and most recognized crypto exchanges globally, has announced the launch of its own blockchain called Ink, scheduled for early 2025.
This initiative will be crucial for the development of decentralized finance (DeFi) applications, allowing users to conduct transactions such as lending, swaps, and yield generation without the need for intermediaries. With this blockchain, Kraken aims to simplify access to the DeFi market, making it more accessible and profitable for average users.
The development of Ink follows a trend where several exchanges, like Binance and Coinbase, have launched their own blockchains to capitalize on interest in the DeFi economy. While Binance has the popular BNB Chain and Coinbase has achieved considerable success with its Base platform, Kraken opts for a different strategy: it does not plan to launch a native token for Ink. Instead, it will focus on improving infrastructure and user experience, with applications that will be available through its wallet.
Kraken Will Not Launch a Native Token for Ink
A key aspect of this new blockchain is that it will allow users to seamlessly interact between centralized and decentralized ecosystems. This will facilitate the use of DeFi tools to earn yields and manage assets without the technical complications that have traditionally made such platforms less accessible to the general public. According to Andrew Koller, founder of Ink, the goal is for users to feel that they are in a familiar and straightforward environment while interacting with a decentralized finance infrastructure.
Ink will initially launch with over a dozen applications, including decentralized swaps and liquidity aggregators. Additionally, the platform could evolve to host real-world assets and develop more advanced lending applications. Although Kraken will be the main operator of transaction sequencing in the initial phase, the company plans to gradually decentralize this function.
With around 40 people working on this project, Kraken plans to host various developer events in the coming months, participating in Devcon in Thailand. This project is part of the exchange’s expansion strategy, which also includes the opening of a derivatives platform in Bermuda and a potential initial public offering in the near future
