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Cryptocurrency News Articles
Kraken Designs Ink to Be as Easy to Use as Apple Products, Bridging Centralized and Decentralized Ecosystems
Oct 25, 2024 at 12:01 am
Leading global cryptocurrency exchange Kraken has announced plans to launch its own native blockchain, where users can access the decentralized finance (DeFi) ecosystem without centralized authorities or intermediaries, following in the footsteps of its American rival Coinbase, Bloomberg reported Thursday.
Kraken is launching its own blockchain, Ink, to provide users with access to the decentralized finance (DeFi) ecosystem without the need for centralized authorities or intermediaries.
Key Points
The new blockchain, inspired by Base, will enter the beta phase by the end of the year and be fully operational in early 2025.
Powered by Kraken, the blockchain will initially host over a dozen applications, including DEXs and aggregators, expanding to more complex applications in the future.
Despite being a separate entity, Ink will not have its own native crypto asset, with Kraken redirecting the energy to expanding the protocol's functionalities.
Kraken will initially serve as the network's sequencer, earning revenue from organizing and managing transactions on the network.
The company is also planning to host a series of events to attract more developers to build on the protocol, including Devcon in Thailand.
Operating in both France and Poland as a registered virtual asset service provider (VASP), Kraken has also acquired a Dutch brokerage firm to expand its presence in Europe.
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