As the cryptocurrency sector has continued to grow substantially this year, the Kraken crypto exchange is reportedly set to launch its very own blockchain in 2025. Indeed, one of the industry’s earliest exchanges, the platform is preparing a developer testnet for its incoming ‘Ink’ network.
Set to launch in the early months of next year, it will allow direct decentralized finance trading, borrowing, and leading of tokens Moreover, the blockchain will integrate technology that has been likened to Coinbase’s Base network that launched in August of last year.
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Kraken’s Ink to Debut in 2025, Bringing the Exchange Its Very Own Blockchain
Throughout 2024, the cryptocurrency sector took a massive step forward. Bitcoin became the first crypto-based ETF in the United States, driving increased institutional investment interest. With asset managers like BlackRock and Fidelity getting in on the industry, its value and adoption skyrocketed.
Now, a host of platforms are looking to expand their offerings and increase their footprint. Among them is Kraken, which has announced that it is launching its very own blockchain in 2025. Called Ink, it’s a digital ledger that will allow trading, borrowing, and lending of cryptocurrencies.
Also Read: Kraken Executive Says Ethereum ETF Launch Will ‘Lift all Boats’
The testnet for the network will go live at some point in 2024, a Bloomberg report notes. That will allow developers to test apps for the network, with it eyeing a Q1 2025 launch date. Additionally, the report notes that it is set to be open to both retail and institutional investment interests.
Cryptocurrency exchanges have been developing their own blockchain as a way to drive increased revenue and activity. It took place with leading exchange Binance and the BNB Chain. Moreover, Conibase followed suit last year with Base. The latter quickly became a dominant force. It grew by 300% in transaction volume in the second quarter after launching.
