Kraken, a global cryptocurrency exchange, plans to launch its blockchain, Ink, by early 2025. The blockchain aims to give users access to decentralized finance (DeFi) without intermediaries. Kraken’s project, inspired by Coinbase’s Base network, will begin with a beta phase set for later this year.
Blockchain developers will use Ink to build decentralized applications (dApps) that provide services such as trading, borrowing, and lending digital assets. This new blockchain will be aimed at retail and institutional users and seamlessly integrate with Kraken’s wallet.
The platform will focus on creating an easy-to-use experience by integrating centralized and decentralized services. The utilities planned for launch are decentralized exchanges (DEXs), aggregators, and over a dozen other applications.
They will be available on Kraken Ink, while a complete roadmap for user applications will be established over the year, along with a token sale dating to November 2022. The blockchain will support more applications over time, including real-world assets (RWAs) and advanced lending platforms.
As part of that effort, Kraken’s core focus on functionality means that it does not create a native token — it wants DeFi to be more affordable and accessible.
Kraken’s Ink Blockchain to Launch Without Native Token
Unlike other blockchain networks like Bitcoin (BTC) and Ethereum (ETH), Ink will not have its native cryptocurrency. Kraken aims to improve the platform by adding additional features that make it easier to use DeFi services.
Ink’s sequencer, Kraken, will initially handle the ordering of transactions and manage and schedule transactions across Ink. Coinbase’s Base protocol is similar in making $53 million a year off sequencers.
Network transactions will eventually be distributed through the sequencer role so that others can control transactions on the network and increase community participation. Interestingly, the exchange chose to release a blockchain without a native token because the intent was to create value through protocol usage rather than simply hard-to-sell tokens.
Instead, Kraken will try to attract all developers while improving the DeFi experience of users. This strategy aims to make DeFi on Ink smart and efficient to encourage long-term growth and innovation.
Expansion Continues Despite Regulatory Challenges Globally
Around 40 people have already been hired at Kraken to work on the Ink blockchain project. To enhance engagement, Kraken will host developer-focused events, including a Devcon away event in Thailand this November.
The goal is to get more developers to adopt the new protocol and build a strong foundation for the launch. The company has big growth ahead of it and is starting to build its presence globally.
For instance, recently, it acquired a Dutch brokerage firm, Coin Meester (BCM), solidifying its foothold in the European market. With this acquisition, Kraken is now a regulated exchange in the area and has tripled its influence in the quickly rising European crypto market.
While some regions have regulatory challenges (U.S.), they have government approval worldwide. Kraken still intends to expand its services with operations in France, Poland, and elsewhere.
With its latest entry into blockchain development, the company supports innovation within the cryptocurrency industry.
