30s Summary

Crypto exchange Kraken is set to launch its own blockchain, “Ink”, in 2025, aiming to facilitate decentralized finance (DeFi) by allowing trade, borrowing and lending of digital tokens without intermediaries. Rather than having a native token, Kraken plans to integrate DeFi tools within its wallet app. Kraken anticipates users transitioning between centralized and decentralized services. The blockchain is a response to the increasing demand for DeFi services, which Kraken plans to capitalize on by managing network transactions.

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The well-known crypto exchange Kraken is about to launch its very own blockchain called “Ink” in 2025. Their aim? To focus on the exciting world of decentralized finance, or DeFi for short.

This news, reported by Bloomberg, outlines how Ink’s main purpose is to let us trade, borrow, and lend our digital tokens without the need for a middleman. This is a big shift from how Kraken currently operates in the world of cryptocurrencies and Web3.

Kraken hopes that Ink will be a simple and cost-effective way for all of us to get into DeFi.

Kraken’s move towards having its own blockchain is a trend we see with other big names in the crypto world, like Binance and Coinbase. This new blockchain, however, won’t have a native token. It’s planning to integrate convenient DeFi tools like decentralized exchanges and platforms that generate yields within the Kraken Wallet app.

Andrew Koller, the founder of Ink, tells Bloomberg that they hope users can switch between centralized and decentralized services over time. They’re planning for a test run in 2024 for developers to test out decentralized applications before fully launching Ink.

This new blockchain is also a response to the growing demand for DeFi services. Just like Coinbase and Binance, Kraken plans to earn revenue by managing and organizing network transactions.

When Ink launches, it will come with over a dozen decentralized applications, and it’s expected that in the future, it will offer real-world assets and enhance lending platforms.

On another note, Kraken recently opened a new trading platform in Bermuda. They also got a digital business license from the Bermuda Monetary Authority, which lets them provide wallet services, act as a digital asset lending service provider and a digital asset derivative exchange provider.

Source: Cointelegraph