Kraken Eyeing Layer 2 Plans
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November 7, 2023 11:46 am
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Popular U.S-based cryptocurrency exchange Kraken has some bold plans for the future.
The latest reports indicate that Kraken is eyeing the development of its own layer 2 network, similar to what Coinbase previously did earlier this year with the launch of its layer 2 solution.
Kraken has not yet announced which blockchain network it will tap to develop its layer 2 solution; the current potential picks include Polygon, Matter Labs, and the Nil Foundation. According to The Block:
Kraken is currently advertising a job vacancy for a “Senior Cryptography Engineer” who could be tasked, among other things, with the “design and implementation of layer-2 solutions.”
It remains to be seen when Kraken will roll out its layer 2 solution, but crypto enthusiasts are already patiently awaiting the arrival of the L2. Here’s what everyone is saying about the recent announcement:
[COINDESK] Kraken Said to Seek Partner to Help Build It a Layer 2 Blockchain Network
— BecauseBitcoin.com (@BecauseBitcoin) November 7, 2023
•Kraken, a major US cryptocurrency exchange, is looking at several leading blockchain technology companies to help launch its own Layer-2 network, in line with a move earlier this year by Coinbase.
•According to anonymous sources, Kraken is looking at Polygon, Matter Labs and… pic.twitter.com/w2bWq8lIvS— Earn_Crypto (@Earn_Crypto24h) November 7, 2023
Speculations abound about #Kraken introducing a layer-2 solution, much like rival #Coinbase's Base network. Awaiting official confirmation, the crypto community is keenly observing the possible development. #Bitcoin #Ethereum https://t.co/mKLJmUuJW8 pic.twitter.com/t8c0msZjBg
— BlockBriefly (@blockbriefly) November 7, 2023
Kraken Said to Seek Partner to Help Build It a Layer 2 Blockchain Network
The crypto exchange is still considering which blockchain developer should build its network, with Polygon, Matter Labs and the Nil Foundation in the mix, according to people familiar with the situation.… pic.twitter.com/mgxnvekZYa
— Justine Richard (@Justine79820320) November 7, 2023
CoinDesk provided more details:
“We’re always looking to identify and solve for new industry challenges and opportunities,” a Kraken spokesperson told CoinDesk. “We don’t have anything further to share at this time.”
Major crypto companies with established brands and customer followings have been seeking to grow their presence as blockchain builders, either as a potential source of new revenue or simply as an extension of their current operations.
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