Kraken To Launch DeFi-Focused 'Ink' Blockchain In Early 2025
Portfolio Pulse from Murtuza Merchant
Kraken is set to launch its own blockchain, 'Ink', in early 2025, focusing on decentralized finance (DeFi) applications. This move marks a significant shift for Kraken as it expands beyond its centralized exchange roots. Ink aims to simplify DeFi processes and will integrate DeFi tools into Kraken's Wallet app. Kraken will act as Ink's sequencer, generating revenue from this role, similar to strategies by Binance and Coinbase.
October 24, 2024 | 3:40 pm
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Coinbase, a competitor to Kraken, has already launched its own blockchain, Base, and earned significant revenue from its sequencer role. Kraken's launch of Ink could increase competition in the DeFi space.
Kraken's entry into the DeFi space with Ink could increase competition for Coinbase, which has already launched its own blockchain, Base. However, the impact on Coinbase's stock may be neutral in the short term as both companies are expanding in a growing market.
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