Kraken Is Gearing Up to Introduce Its Own Blockchain, Ink, in Early 2025

The new platform will support dApps for trading, borrowing, and lending without the need for intermediaries.

Crypto exchange Kraken is preparing to launch its own blockchain, named Ink, in early 2025. The new platform will host dApps for trading, borrowing, and lending, eliminating the need for intermediaries.

According to a report by Bloomberg, a test version of the Ink network will go live later this year, offering early access to developers. Initially, Kraken will serve as the chain's sequencer, handling transactions and generating revenue from the process. However, this role will eventually be decentralized and distributed among multiple participants.

"I'm sure they're going to decentralize their sequencer, giving up sub-second block times and MEV revenue, and get to L2 Stage 2 as soon as possible. The unfragmented, harmonized rollup-centric roadmap is coming together exactly as planned!" crypto entrepreneur Matt Henderson wrote in an X post (formerly Twitter).

Several major crypto exchanges have launched their own blockchains, following the success of Binance, the world's largest digital-asset exchange. Binance's BNB Chain and its native token have gained significant traction globally.

CoinBase's entry into the space with Base has also proven to be effective, with the platform achieving 300% growth in transactions during the second quarter. Notably, Kraken has no plans to release a native token for Ink, as noted by Koller.

Currently, a team of around 40 employees is working on the Ink project. The exchange is also hosting developer-focused events, such as a presence at Devcon in Thailand.

In addition to INK, Kraken has made several other major announcements throughout the week. The platform is also launching a Bitcoin-backed asset called ‘KBTC,’ which can be natively traded on the Ethereum network.

On the regulatory front, the exchange is pushing back against the SEC over claims that certain digital assets offered by the exchange qualify as un-registered securities. The SEC has accused Kraken of violating federal securities laws, specifically citing assets like ADA, ALGO, and SOL.

Kraken disputes this, stating that these assets do not meet the legal criteria for securities under U.S. law and accusing the SEC of overreaching with unclear guidelines.

The exchange has requested a jury trial, alleging that the SEC has consistently blocked its attempts to register or cooperate by issuing contradictory rulings and guidance.

Kraken also recently delisted Monero (XMR) from its European market in response to regulatory changes.