International brokers target the success of $BNB , Binance, and BASE, Coinbase.
One of the world’s oldest cryptocurrency exchanges, Kraken, plans to launch a blockchain early next year for decentralized applications that allow for the trading and lending of tokens without intermediaries.
Called Ink, the new digital ledger will use technology similar to Coinbase’s Base. Since its debut more than a year ago, Base has become one of the largest decentralized finance (DeFi) platforms. A so-called testnet, where developers can test applications for Ink, will begin later this year, and the blockchain is expected to become open to retail and institutional users in the first quarter, Ink founder Andrew Koller said in an interview.
Cryptocurrency exchanges have launched their own blockchains after seeing them help drive revenue and user growth on Binance, the world’s largest digital asset exchange. Binance’s $BNB chain and related token have established themselves as among the most popular in the world. Coinbase’s foray into the space has also proven successful, with Base posting 300% sequential growth in transaction numbers in the second quarter, fueled by app and memecoin launches. Kraken has no plans to issue its own token, Koller said.
$53 million in revenue from sequencers, according to its letter to shareholders.
At Kraken, about 40 people are working on Ink, Koller said. The company is already planning events for developers, including at Devcon in Thailand in November, he said.
Kraken, founded in San Francisco in 2011, has been expanding into new product areas and markets as it continues to mull a potential initial public offering (IPO). Earlier this year, Bloomberg reported that the privately held company was considering a final round of financing before an IPO.
