Kraken Explores Launching Its Own Layer 2 Network
Kraken, a major cryptocurrency exchange in the U.S., is reportedly in talks with leading blockchain technology firms to potentially launch its own layer 2 network. The exchange is considering providers such as Polygon, Matter Labs, and the Nil Foundation. This move follows rival Coinbase’s launch of its own layer-2 network earlier this year.
Crypto Firms Expand as Blockchain Builders
Many significant crypto companies are looking to expand their presence as blockchain builders to generate new revenue or extend their current operations. Coinbase introduced its Base Layer-2 network in August, while Polygon released a software toolkit for developers to create their own blockchains.
Matter Labs, the developer of zkSync layer-2 network, also offers its technology to emerging builders. Layer 2 networks address the issue of high fees and slow processing times on the Ethereum blockchain by providing an additional layer of infrastructure. By launching its own layer 2 network, Kraken aims to process more transactions at a lower cost and attract more users.
Kraken’s Interest as a Blockchain Builder Grows
Kraken is expanding its team by advertising a role for a “Senior Cryptography Engineer” on its website. The company seeks individuals with expertise in contemporary cryptography, including ZK proofs, to design and implement layer-2 solutions.
The job description highlights Kraken’s enthusiasm for open-source technologies, zero-knowledge proofs, and on-chain scaling solutions. This move demonstrates Kraken’s commitment to enhancing its cryptographic capabilities and diversifying its offerings in the cryptocurrency market.
Hot Take: Kraken Sets Sights on Layer 2 Network to Boost Transaction Volume
Kraken is reportedly exploring the possibility of launching its own layer 2 network, following in the footsteps of rival Coinbase. By leveraging technology providers like Polygon and Matter Labs, Kraken aims to address the challenges of high transaction fees and slow processing times on the Ethereum blockchain. The move aligns with Kraken’s goal of attracting more users by processing a higher volume of transactions at a lower cost. Furthermore, Kraken’s recruitment of a Senior Cryptography Engineer reflects the exchange’s commitment to strengthening its cryptographic capabilities and expanding its role as a blockchain builder.
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