Kraken Launches Its Own Ink Blockchain for DeFi

Kraken, the cryptocurrency exchange, is preparing to launch the Ink blockchain focused on DeFi applications. The new network is expected to go live in 2025, simplifying access to decentralized finance by allowing users to trade, borrow, and lend without intermediaries.

According to a Bloomberg report, Kraken is taking a step toward decentralization, following the lead of competitors like Binance and Coinbase, which have already launched their own networks to support DeFi (BNB Smart Chain and Base).

However, users should not expect a native token for Ink, at least for now. Instead, the project is preparing integrated DeFi tools, such as decentralized exchanges (DEXs) and staking platforms, which will be accessible through the Kraken Wallet app.

The team plans to introduce a developer testnet as early as 2024, providing an opportunity to test dozens of DApps ahead of the full launch.

Promo: https://x.com/krakenfx/status/1849089999607582941

A New Revenue Stream and Growth Driver

Kraken intends to manage the Ink network independently during the initial phases, earning revenue from organizing transactions — an approach that has already proven successful for Coinbase and Binance. According to Bloomberg, Coinbase generated $53 million from this model in just the second quarter, indicating high profitability.

Thus, Kraken's transition to decentralization could significantly change the user experience, providing more freedom and simplifying access to innovative financial tools.

We'll keep an eye out. We will test. Waiting for the token!