Kraken Plans to Launch Blockchain With “Similar Technology to Coinbase Global Inc.’s Base” Early Next Year

What’s cool about this is that it will use technology similar to Coinbase’s Base. If you’re not familiar with Coinbase, think of it as one of Kraken’s

Kraken is planning to launch its own blockchain in early 2025, according to a report by Bloomberg on Friday.

The blockchain will reportedly use technology that is similar to the one used by Coinbase Global Inc (NASDAQ:COIN) for its Base blockchain.

Coinbase launched Base earlier this year as a Layer-2 network on Ethereum, aiming to make it easier for users to build and launch decentralized applications (dApps) and other Web3 projects.

Coinbase said in March that Base will eventually become its own independent blockchain, with its own native token and a decentralized governance system.

Coinbase is also planning to launch an NFT marketplace on Base, among other initiatives.

Coinbase and Kraken are two of the largest cryptocurrency exchanges in the world, and they have been competing fiercely for market share in recent years.

Coinbase went public in April 2021 through a direct listing, and its shares have since lost over 70% of their value amid a broader sell-off in tech stocks and cryptocurrencies.

Kraken, on the other hand, is still privately held, and its latest valuation was at $23 billion in September 2022.

Coinbase's Base blockchain has seen strong growth in its early stages, with爆発的なNFT取引を記録し、わずか2週間で売上が150万件に達しました。

Coinbase also announced plans to launch its own NFT marketplace on Base, aiming to tap into the rapidly growing market for digital collectibles and Web3 technologies.

Coinbase said in March that Base will eventually become its own independent blockchain, with its own native token and a decentralized governance system.

The exchange is also planning to launch a Layer-3 network on Base, which will enable users to create their own custom blockchains or sidechains on top of Base.