kraken l2 blockchain

Kraken develops its own L2 blockchain to compete with Coinbase

  • Kraken ventures into the development of its layer 2 (L2) blockchain in confidence.
  • Coinbase’s successful Base testnet, built on Ethereum, sets a standard.

The well-known American cryptocurrency exchange, Kraken, is in the process of developing its own layer 2 (L2) blockchain confidentially.

Kraken aims to compete with Coinbase

It aims to compete directly with Coinbase, one of the leading cryptocurrency exchange platforms in the world, which successfully launched its Base testnet in February 2023.

Even though Kraken has kept the precise details of its Layer 2 blockchain project under lock and key, sources close to the project have confirmed its authenticity.

By partnering with leading companies in the blockchain technology space, such as Polygon, Nil Foundation and Matter Labs, Kraken demonstrates its commitment to competing in an ever-changing market.

Coinbase’s success with Base

Coinbase has demonstrated the potential of Layer 2 blockchains with the success of Base, a Layer 2 network built on Ethereum that attracted one million unique addresses in its first 11 days of launch.

This achievement highlights the growing adoption and rapid expansion rate of Layer 2 networks. In contrast, early Layer 2 networks, such as Arbitrum and Optimism, took much longer to achieve this goal.

Kraken’s announcement promises to inject more excitement and competition into the layer 2 blockchain space.

Future of L2 Blockchains

As Kraken prepares to challenge Coinbase and increase its influence in the cryptocurrency world, investors and enthusiasts are looking forward to how this story will unfold.

The future of layer 2 blockchains is glimpsed with the main companies competing to lead this technological revolution in continuous expansion. Stay tuned for new updates as this intriguing crypto tale unfolds.

Disclaimer: The content and links provided in this article are for informational purposes only. islaBit does not offer legal, financial or investment recommendations or advice, nor is it a substitute for the due diligence of each interested party. islaBit does not endorse any investment or similar offer promoted here. Some of the postings may be promoted by interested third parties.

Leave a Comment