- Kraken has announced its plans to launch its own blockchain, dubbed “Ink,” early next year
- The new blockchain will focus on decentralized finance (DeFi) applications, allowing users to trade, borrow, and lend digital assets
- Unlike other crypto platforms, Kraken’s Ink will not have a native token and will be decentralized over time
Kraken has revealed its plans to introduce its own blockchain, named “Ink,” in early 2025. The Ink blockchain will prioritize decentralized finance (DeFi) services such as trading and lending without intermediaries. Kraken has confirmed that the platform will not issue its own cryptocurrency token and will instead focus on expanding service functionality. A testnet for developers is expected to be released later this year, with full launch plans slated for next year.
Kraken Follows Coinbase
The Ink blockchain is set to compete with other major players in the decentralized finance sector, particularly Coinbase, which launched its own blockchain “Base” in 2023. According to Kraken, Ink aims to simplify DeFi, offering users a more accessible experience through Kraken’s ecosystem, without the need for a new token.
Kraken’s CEO explained that while other blockchains issue native tokens to support their operations, Ink will instead focus on ease of use, making decentralized finance “cheaper and more intuitive” for everyday users.
Shift to Decentralized Model
Kraken is positioning Ink as a bridge between centralized and decentralized ecosystems, with plans to decentralize management over time. Initially, Kraken will serve as the network’s transaction sequencer, managing the ordering of transactions and generating revenue in the process. Over time, however, this role will be transferred to a more decentralized model, allowing other participants to take over. Kraken believes this will enhance the transparency and fairness of the network.
The launch of Ink comes at a critical time for Kraken, as it continues to expand its global presence and diversify its product offerings amidst growing competition in the crypto space. This move is part of a broader strategy to attract developers and users alike to explore innovative decentralized applications (dApps) on the new platform.
