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The name Kraken is already well-known as one of the longest-running cryptocurrency exchanges on the market. And everything seems to point to it consolidating itself even further in this sector. After all, the company seems to be looking to the future with the announcement of its own blockchain, Ink.
This move aims to put the brokerage in a leadership position in the DeFi space, alongside other popular platforms such as Binance or Coinbase. The launch is expected in the first quarter of next year.
Ink, Kraken’s new blockchain
Kraken’s new blockchain is designed to help businesses and merchants easily interact with dApps and other new financial features. Kraken’s announcement about Ink is yet another step in the company’s evolution, after nearly 15 years as a leading crypto exchange.
According to the company’s official community, Ink’s main objective is to facilitate access to DeFi applications. The new blockchain could change the way commercial operations and token loans take place on the platform, now without the need for intermediaries.
Kraken highlighted some of the most important points about the new blockchain:
“Ink is the only blockchain supported by a major Western exchange focused on building the best DeFi experience. Our goal is to create a powerful financial ecosystem where innovation thrives, community is a priority, and everyone can reap the benefits.”
In addition, the company took advantage of the Ink announcement to make a call to developers. After all, it promises to offer high-level support for anyone who wants to create their own blockchain:
“In addition to access to extensive documentation, tutorials and code samples designed to accelerate the development process, developers will have access to expert guidance, hands-on workshops, special events, robust technical support, community channels, financial support opportunities and custom onboarding to help bring their ideas to life.”
Finally, Kraken highlighted that the focus with Ink is the DeFi ecosystem:
“Ink is laser-focused on DeFi. We want to support their efforts to build products that help users access new and exciting on-chain opportunities. When you build on Ink, you’re connecting to an ecosystem of other DeFi-focused developers, a place to leverage the community and connectivity that brings DeFi to life.”
Ink could facilitate access to DeFi applications
The technology that Ink will use is called OP Stack, a modular framework that Optimism developed. After all, it allows for interoperable and scalable blockchains to be built on the Ethereum ecosystem.
Therefore, Ink will be on the Superchain, a network of multiple Layer 2 frameworks that share governance and security with the same codebase.
In other words, Kraken will be able to take advantage of all the security advantages that ETH offers, but at the same time, it will allow users to have a faster and more efficient experience.
More than 40 developers are working on the project. In fact, Kraken plans to hold an event for its developers in Thailand to discuss technical criteria for launching a testnet later this year.
What’s behind the project
The arrival of Ink serves to provide an effective response to the growing demand for DeFi platforms with greater accessibility. But it also aligns with Kraken’s goals regarding finance.
After all, Kraken says that other exchanges, such as Coinbase, have grown significantly in terms of transaction volume and revenue after launching their own blockchain.
Kraken hopes to achieve similar success with Ink. To achieve this, it will need to provide an environment that allows customers to earn returns and participate in different types of decentralized financial activities.
However, Kraken has already indicated that it will not have its own token — something that Binance did with BNB, for example.
Kraken to launch blockchain in Q1 2025
Kraken’s role over Ink will allow it to manage and prioritize transactions on the network. Of course, it will also earn revenue from this role.
This business model has already proven itself to be viable for other exchanges, such as Coinbase and Binance, so it’s something that Kraken can now replicate.
Ink is expected to support up to 12 decentralized exchanges and revenue-generating platforms. This would allow users to have access to a wide variety of DeFi tools.
A promising future for Ink?
The growth we’ve seen in the DeFi ecosystem over the past few years is unprecedented, so it makes sense that Kraken would look to jump on this trend and capitalize on the arrival of Ink.
Furthermore, as interest in these types of applications grows, simplifying the user experience on blockchains could attract even more customers.
Therefore, Kraken reaffirms the importance of creating a platform that is efficient and also capable of offering a complete experience. For this to happen, users must be able to move between centralized and decentralized platforms without obstacles.
Ink would be both an attractive place for trading and creating potential memecoins. And this is a particularly popular — and booming — sector in the blockchain ecosystem. So something similar to Coinbase’s Base could happen, where there was a massive influx of memecoins after its launch.
Now, with Ink set to launch in Q1 2025, Kraken could play a major role in the future of decentralized finance. However, this will depend on a platform that is both technically advanced and offers a user-friendly experience.
Kraken Launches Derivatives Platform in October
In addition to developing its own blockchain, Kraken has been investing in other areas. For example, on October 3, it launched a derivatives trading platform in Bermuda.
This comes after Kraken obtained a Class F license (focusing on digital businesses) from the Bermuda Monetary Authority (BMA).
This license allows a company to provide wallet services. Additionally, Kraken can now operate as a provider of digital asset lending and repurchase services. It also functions as a digital asset derivatives exchange.
Kraken has “opened” its new derivatives platform with an initial offering of perpetual and fixed-maturity futures.
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