Kraken to Launch Its Own "Ink" Blockchain in 2025

Kraken, one of the oldest centralized crypto exchanges, announced on October 24, 2024, that it plans to launch its own Ink blockchain in 2025. This move signals Kraken’s shift toward decentralized finance (DeFi) as it aims to create a more accessible blockchain ecosystem for both retail and institutional users.

Kraken Ink Blockchain: Key Features and Vision

According to Andrew Koller, founder of Ink, the blockchain is expected to launch in Q1 2025 and will support a wide range of decentralized applications. These applications will allow users to trade, lend, and borrow tokens without intermediaries, enhancing peer-to-peer transactions.

The Ink blockchain will prioritize ease of use and affordability, seeking to make DeFi applications more intuitive for general users who may find existing platforms too complex. Drawing comparisons to Coinbase's Base and Binance's BNB Chain, Ink aims to make yield farming and other blockchain functions accessible to the broader public.

Kraken’s Strategy and Goals with Ink

A key reason behind Ink’s launch is Kraken’s ambition to increase revenue. Competitor blockchains like Coinbase Base have shown significant growth, with transaction volumes surging 300% in Q2 following their launch, likely driven by new applications and meme coin activity. Kraken hopes to replicate this success by launching a simplified yet robust blockchain.

Unlike other exchanges, Kraken does not plan to introduce its own native token, focusing instead on creating a user-friendly, Apple-like experience that integrates both centralized and decentralized ecosystems. This approach aims to offer users a familiar experience while exploring decentralized finance.

Upcoming Developments and Ecosystem Expansion

Upon Ink’s debut, users will have access to dozens of decentralized exchanges (DEXs) and aggregators, enabling seamless transactions. Additionally, Kraken anticipates the potential for meme coins to gain traction on Ink, similar to what occurred with the Base blockchain launch.

Currently, 40 developers are working on the Ink project, and Kraken is organizing an event for Ink developers, including Devcon in Thailand in November 2024. This event is expected to bring together blockchain innovators to support Ink's continued development and success.