Kraken Explores Launching its Own Layer-2 Network

Cryptocurrency exchange Kraken, headquartered in the United States, is reportedly contemplating the launch of its layer-2 network, as per sources familiar with the matter. The exchange is in discussions about utilizing technology from various blockchain firms, including Polygon Labs, Matter Labs, and Nil Foundation, as the foundation for this new network.

Kraken has not officially confirmed or denied these rumors. However, the exchange has posted a job opening for a “Senior Cryptography Engineer,” indicating its interest in layer-2 technologies. The job description revealed Kraken’s enthusiasm for open source, zero-knowledge proofs, and exploring on-chain scaling solutions.

This potential move by Kraken follows a similar step taken by its rival, Coinbase. Coinbase launched its layer-2 network, Base, three months ago, built on the OP Stack in collaboration with the Optimism team, an Ethereum-based layer-2 blockchain. Base quickly became one of the largest layer-2 networks on the Ethereum blockchain, boasting partnerships with Polygon, Arbirtrum, and Optimism. Base has shown remarkable growth, accumulating over 52 million unique addresses and experiencing a daily increase of 138,000, according to data from Base Scan.

Mixed Reactions Within the Crypto Community on Kraken News

The crypto community has reacted to the rumors surrounding the exchange’s potential layer-2 network launch. Some members express support for this move, while others oppose it, citing the saturation of layer-2 networks within the industry. Kraken’s intentions continue to stir discussions and debates among crypto enthusiasts, as the exchange explores innovative solutions in the ever-evolving crypto landscape. Stay tuned for further updates on this developing story.