Cryptocurrency exchange Kraken has announced the upcoming launch of its proprietary blockchain, “Ink,” aiming to make decentralized finance (DeFi) accessible to a broader audience. Ink, set to be built on Optimism’s Superchain, a network based on Ethereum, is designed to offer secure, easy access to DeFi tools and applications for retail and institutional users. This effort reflects Kraken's commitment to easing the transition for users interested in moving on-chain.
Key Features of Ink
Ink’s blockchain will operate within a unified ecosystem that maintains Ethereum’s security and governance protocols, providing a familiar and straightforward interface for new users. Kraken CEO David Ripley emphasized on social media that Ink intends to “bridge users to DeFi” with an intuitive design. Kraken has positioned the blockchain as an “Apple-esque experience,” ensuring a user-friendly engagement with DeFi without needing extensive technical knowledge.
According to Andrew Koller, Ink’s founder, a testnet will be available later this year for developers to experiment and build applications on Ink. The full launch, expected early next year, will open Ink to a wider user base.
Competitive Landscape
Kraken’s move into blockchain development places it alongside exchanges like Binance, which launched its BNB Chain in 2019, and Coinbase, which introduced its own blockchain, Base, in 2023. By launching a blockchain, Kraken aims to drive user engagement and revenue growth through both on-chain and centralized service options, enhancing user experience and expanding its DeFi footprint.
Kraken’s blog post noted, “While Kraken has already helped millions of people discover and participate in crypto, many of crypto’s most exciting opportunities exist on-chain in the world of DeFi. Ink aims to introduce DeFi in a way that enhances the experience for everyone.”
The testnet rollout later this year will allow developers to start experimenting, with a full release anticipated early next year.
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