HomeBlockchainKraken launches the "Ink" blockchain to revolutionize DeFi and move towards decentralization

Kraken launches the “Ink” blockchain to revolutionize DeFi and move towards decentralization

Kraken, a well-known cryptocurrency exchange, plans to launch “Ink” in 2025, a decentralized blockchain designed to simplify DeFi. This move marks a shift towards decentralization, following the success of similar platforms.

Let’s see all the details below. 

Ink: the new blockchain by Kraken that simplifies access to DeFi without intermediaries

Kraken, one of the main centralized cryptocurrency exchanges (CEX), has announced an important innovation for 2025. That is, the launch of its own blockchain called “Ink”, with the goal of decisively entering the world of decentralized finance (DeFi).

This decision reflects an increasingly strong trend towards decentralization, following in the footsteps of other platforms like Binance and Coinbase, which have already developed their own blockchain solutions. 

Ink aims to offer a series of innovative tools, with a particular focus on DeFi applications, with the goal of simplifying access to this emerging sector.

According to what was reported by Bloomberg, Ink will allow users to trade, borrow, and lend tokens without the need for intermediaries.

This approach distances itself from Kraken’s current position, which up to this point has operated primarily as a centralized exchange. 

With Ink, the company aims to change this narrative, positioning itself as a key player in Web3, the decentralized future of the internet.

The decentralized finance market has grown exponentially in recent years, but it remains inaccessible to many users due to its technical complexity and the high costs associated with transactions. 

With the launch of Ink, Kraken aims to make DeFi more simple, accessible, and convenient. The idea is to create a platform that allows users to easily interact with DeFi, without having to face technical barriers or prohibitive costs.

One of the most innovative elements of Ink will be its integration with the Kraken Wallet app. 

Although the launch of a native token for Ink is not planned, the application will support DeFi tools such as decentralized exchanges (DEX) and lending platforms, allowing users to generate returns more flexibly. 

Andrew Koller, founder of Ink, explained in an interview that this move marks the beginning of a transition from centralized services to decentralized ones, a transition that Kraken considers crucial for the future of the sector.

The testnet for developers: a step towards the launch

Kraken has announced that during 2024 a testnet di Ink will be made available for developers. 

This test network will allow those working in the blockchain field to experiment with the creation of decentralized applications (DApp) before the official launch of the blockchain in 2025. 

The decision to launch a testnet demonstrates Kraken’s commitment to actively engaging the developer community, creating a thriving ecosystem of applications before Ink becomes operational for the public.

The expectations for Ink are high. Kraken has closely observed the success of similar initiatives, such as Binance’s BNB Smart Chain and the blockchain Base of Coinbase, both designed to support decentralized applications and attract developers.

These models have proven to be successful, and Kraken aims to replicate this success with Ink, offering a robust and easy-to-use platform for an increasingly wide audience.

Generation of revenue and advantages for users

The positioning of Ink is not only aimed at improving the user experience, but also at generating new sources of revenue for Kraken. 

The blockchain of Ink will initially act as a sequencer, managing and organizing the transactions on the network. 

This model is inspired by the one adopted by Coinbase and Binance, which have demonstrated how transaction management can become a significant source of income. 

In the second quarter of 2024, Coinbase generated 53 million dollars precisely from this type of operations. Kraken hopes to achieve similar results with Ink.

Furthermore, Kraken plans to launch Ink with over a dozen DApps, many of which will be focused on offering real-world asset and improving lending platforms. 

This will not only expand opportunities for users to interact with the world of DeFi, but it could also open new avenues for the expansion of Kraken’s products in the future.

In addition to the launch of Ink, Kraken has recently expanded its product offerings. On October 3rd, the company opened a new bull trading platform for derivatives in Bermuda.

This after obtaining a class F digital business license from the Bermuda Monetary Authority.

This license allows Kraken to provide a wide range of services, including trading of derivatives on digital assets, and to operate as a provider of lending or repurchase services.

This expansion demonstrates Kraken’s willingness to diversify its services and continue to grow. Thus, taking full advantage of the opportunities offered by the cryptocurrency market.

With the arrival of Ink, Kraken positions itself as a leader in the transition from centralized finance to decentralized finance. In particular, offering users an increasingly wide range of tools and services to interact with the world of cryptocurrencies and DeFi.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
RELATED ARTICLES

Stay updated on all the news about cryptocurrencies and the entire world of blockchain.

MOST POPULARS