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Kraken’s Quest for Layer 2 Network Development Partnerships

Kraken, a US cryptocurrency exchange, is exploring partnerships with Polygon, Nil Foundation, and Matter Labs to develop its Layer 2 (L2) scaling solution, aiming to compete with Coinbase’s Base L2 network.

Key Takeaways

  • Kraken, a prominent US cryptocurrency exchange, is actively seeking strategic partnerships with Polygon, Nil Foundation, and Matter Labs for layer 2 (L2) scaling solutions.
  • The move is aimed at challenging Coinbase’s Base layer 2 network, developed using Optimism’s technology.
  • These partners were chosen for their advanced blockchain development technologies.
  • Kraken’s commitment to open-source tech and on-chain scaling is reflected in their recent job posting for a Senior Cryptography Engineer.

Exploring New Horizons

Kraken, a leading cryptocurrency exchange based in the United States, has set its sights on enhancing its layer 2 (L2) scaling capabilities through strategic collaborations. The exchange is currently in discussions with Polygon, Nil Foundation, and Matter Labs, with the aim of developing an efficient L2 solution.

Challenging Coinbase’s Dominance

Coinbase’s Base blockchain, launched earlier this year in August, introduced a new era of autonomous distributed networks managed by public companies. The network achieved a significant milestone by amassing $139 million in deposits even before its public launch. Kraken’s exploration of partnerships underscores its determination to compete with Coinbase in the L2 space.

Kraken’s choice of partners – Polygon, Nil Foundation, and Matter Labs – is grounded in their track records of offering cutting-edge technology solutions in blockchain development. These companies have established themselves as leaders in the rapidly evolving crypto industry.

Kraken’s commitment to fostering innovation and open-source technologies is evident in its recent job advertisement for a Senior Cryptography Engineer. The exchange is actively seeking professionals with expertise in open source, zero-knowledge proofs, and decentralized applications. This move underlines Kraken’s dedication to staying at the forefront of blockchain technology.

Future Prospects

The final decision on which partner will spearhead the development of Kraken’s layer 2 capabilities remains pending. However, this strategic move underscores Kraken’s determination to leverage its trusted brand and expansive customer base to advance in the competitive world of blockchain scaling solutions. The crypto community eagerly awaits further developments in this evolving story.

To Conclude

This bold move by Kraken to explore strategic partnerships for L2 network development highlights the intense competition within the cryptocurrency space. As the industry evolves, exchanges are actively seeking innovative solutions to provide faster and more cost-effective services to their users.

Kraken’s commitment to open-source technologies and its choice of advanced partners positions it as a formidable contender in the race for L2 dominance. The outcome of these collaborations will undoubtedly shape the future landscape of cryptocurrency exchanges.