Cryptocurrency exchange Kraken is contemplating options involving Polygon, Matter Labs, and Nil Foundation to create a new layer 2 scaling solution.
This strategic move follows the footsteps of rival exchange Coinbase, which introduced its own base layer 2 network in August, leveraging technology from Optimism. Coinbase’s offering swiftly gained traction, illustrating the potential advantages for exchanges venturing into layer 2 solutions.
A Kraken spokesperson stated, “We’re always looking to identify and address new industry challenges and opportunities. We don’t have anything further to share at this time.”
Kraken has recently posted a job opening for a Senior Cryptography Engineer, focusing on the “design and implementation of layer-2 solutions” and expressing enthusiasm for open-source, layer-2 technologies such as zero-knowledge proofs.
The job description indicates Kraken’s commitment to exploring layer 2 capabilities as part of its strategy to remain competitive in the cryptocurrency exchange arena. Leading players like Kraken and Coinbase have increasingly aimed to leverage their established brands and customer bases to expand their blockchain offerings.
By collaborating with a well-established layer 2 developer like Polygon, Kraken aims to expedite the development of its solution, enabling it to compete with Coinbase and gain a significant market share. Nevertheless, as the plans are still in the early stages, it remains to be seen whether Kraken will ultimately select Polygon or one of the other potential partners to build its layer 2 infrastructure.
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