Kraken Seeks Partner for New Layer 2 Blockchain
Kraken, a leading crypto exchange operator, is following in the footsteps of rival Coinbase by seeking a partner to assist in the development of a new Layer 2 blockchain. Coinbase launched its own Layer 2 solution called Base earlier this year, which has been successful in capturing market share and diversifying revenue streams. Kraken is considering collaborating with Polygon, Matter Labs, or Nil Foundation to build its own Layer 2 network. Coinbase’s Base utilizes the OP Stack from Optimism.
Although Kraken has not responded to requests for comment, a spokesperson stated that the company is continuously looking for ways to address industry challenges and opportunities. Currently, Kraken is advertising a job opening for a Senior Cryptography Engineer who will be responsible for designing and implementing layer-2 solutions.
Hot Take: Expanding into Layer 2 Solutions
Kraken’s decision to seek a partner for the development of its own Layer 2 blockchain demonstrates the growing importance of Layer 2 solutions in the crypto industry. By leveraging Layer 2 technology, exchanges like Coinbase and Kraken can enhance scalability, reduce transaction fees, and improve overall user experience. With Coinbase already making strides in this area through its Base platform, it’s no surprise that Kraken is looking to follow suit. This move showcases the competitive nature of the crypto exchange market and highlights the need for innovative solutions to meet the demands of users. As more exchanges embrace Layer 2 technology, we can expect to see further advancements in scalability and efficiency within the crypto ecosystem.
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