The American crypto exchange Kraken plans to launch its own blockchain, Ink, in the first quarter of 2025, as revealed by company founder Andrew Culler in an interview with Bloomberg. Ink will be available to both retail and institutional users, with the test network expected by the end of this year.
The company does not plan to issue its own token, instead focusing on attracting users for trading, borrowing, and lending activities. Dapps will be integrated through Kraken Wallet, providing convenient and low-cost access to decentralized financial services (DeFi) with an intuitive interface.
Ink will be built on OP Stack from Optimism, similar to Coinbase. According to Culler, the interface will be simple and familiar, allowing users to seamlessly interact between centralized and decentralized ecosystems. The initial version of the network is expected to host about a dozen dapps, including decentralized exchanges (DEX) and aggregators, with potential expansion to RWA and “advanced” lending applications.
Kraken intends to act as a sequencer, earning revenue from transaction management, but promises to decentralize this function over time. The first rumors about the Ink project appeared in November 2023, with potential partners including Polygon, Matter Labs, and Nil Foundation. Additionally, in October, Kraken introduced a wrapped Bitcoin (kBTC), expanding its offerings in the crypto space.
Meanwhile, Kraken’s parent companies continue to deal with legal proceedings with the SEC. In November 2023, the regulator accused the company of failing to register as a trading platform. Previously, Kraken settled SEC claims regarding its staking program.
