Kraken, a recognized cryptocurrency exchange, is gearing up to launch its very own blockchain known as ‘Ink’ by early 2025. The Ink blockchain is particularly built with an emphasis on decentralized finance (DeFi) applications.
Ink is designed to be a game-changer in the world of DeFi. The proposed plan aims to provide users the ability to trade, lend, and borrow tokens, all without the need for middlemen. This is a notable shift from Kraken’s current centralized exchange standpoint. The ultimate objective behind the launch of the Ink blockchain is to render DeFi protocols simpler and more cost-effective for a wider audience.
Mimicking the successful blueprint of Binance’s BNB Smart Chain and Coinbase’s Base blockchain, Kraken too is embarking on a journey to create its own blockchain. While there’s no plan to establish a native token for Ink, the roadmap includes the integration of DeFi resources like decentralized exchanges and income-generating platforms into the Kraken Wallet app.
Ink’s launch will also respond to the growing demand for DeFi services, with Kraken acting as Ink’s sequencer and vie for profits from managing and structuring network transactions. Preempting the necessity for enhanced user experience, Kraken’s slated to roll out over a dozen Decentralized Applications (DApps) on launch with an intention to advance real-world assets and lending platforms in the future.
In addition to this, Kraken also unveiled a derivatives trading platform in Bermuda lately, bolstering its product offerings and positioning itself for future growth.