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RRUPDATES📍: The Kraken Layer 2 2️⃣
Kraken, the renowned cryptocurrency exchange operator, is gearing up to launch its very own Layer 2 blockchain network, mirroring the strategic move made by its competitor, Coinbase.
The R Roundup
November 07, 2023
RRUPDATES📍: The Kraken Layer 2 2️⃣
Kraken, the renowned cryptocurrency exchange operator, is gearing up to launch its very own Layer 2 blockchain network, mirroring the strategic move made by its competitor, Coinbase.
Following Coinbase's successful introduction of Base, its Layer 2 network, earlier this year, Kraken is actively exploring potential partnerships to facilitate the development of its innovative blockchain infrastructure.
According to a recent report by CoinDesk, Kraken is engaged in discussions with prominent entities in the blockchain sphere, including Polygon, Matter Labs, and Nil Foundation, to establish a collaborative effort in building a robust Layer 2 network. This initiative is part of Kraken's ongoing efforts to expand its offerings and adapt to the evolving cryptocurrency landscape.
Coinbase's Base, built on the OP Stack developed by the Optimism team, has not only captured significant market share but has also diversified its revenue streams effectively. Kraken's decision to delve into the Layer 2 arena aligns with its commitment to staying at the forefront of technological advancements within the crypto industry.
While Kraken has yet to provide specific details about its partnership plans, the company expressed its dedication to addressing industry challenges and seizing new opportunities. Although Kraken declined to share further insights at this time, a company spokesperson informed CoinDesk that Kraken is "always looking to identify and solve new industry challenges and opportunities."
In tandem with its strategic endeavors, Kraken is actively recruiting talent to support its blockchain initiatives. The company is currently advertising a job vacancy for a "Senior Cryptography Engineer," whose responsibilities may include the design and implementation of Layer 2 solutions. This move underscores Kraken's commitment to fostering innovation and enhancing its technological capabilities.
As Kraken moves forward with its plans to establish a Layer 2 network, the cryptocurrency community eagerly anticipates the outcome of its potential collaboration with Polygon, Matter Labs, or Nil Foundation. Kraken's proactive approach reflects the industry's continuous drive for innovation and the pursuit of cutting-edge solutions in the ever-expanding world of cryptocurrencies.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.
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