“Kraken Seeks a Collaborative Partner to Develop a Layer 2 Blockchain Network”

“The cryptocurrency exchange is currently deliberating on its choice of a blockchain developer to construct its network, with potential candidates including Polygon, Matter Labs, and the Nil Foundation, as reported by sources with knowledge of the matter. Notably, rival cryptocurrency exchange Coinbase had previously made strides with its Base project.”

“Kraken, the prominent U.S. cryptocurrency exchange, is currently exploring collaborations with top blockchain technology companies to initiate its layer 2 network, according to insiders who spoke with CoinDesk. This strategic move aligns Kraken with the earlier move made by its rival, Coinbase, to introduce its own layer-2 network earlier this year.”

“Kraken is contemplating the use of technology from Polygon, Matter Labs, and Nil Foundation, among other potential partners, as the foundational technology for its new network. This information comes from anonymous sources who requested anonymity due to the confidential nature of the effort and the ongoing nature of the discussions. Additionally, there may be other teams involved in these discussions.”

A spokesperson for Kraken stated to CoinDesk, “We are constantly seeking to address new challenges and opportunities within the industry. At this time, we have no additional information to share.”

Prominent cryptocurrency companies with well-established reputations and a dedicated customer base have been actively pursuing expansion into the realm of blockchain development. This expansion serves either as a potential source of additional revenue or as a natural extension of their existing operations.

In August, the cryptocurrency exchange Coinbase introduced its own layer 2 network called “Base,” which leverages the OP Stack technology developed by the OP Labs team responsible for Optimism, one of the largest layer-2 networks built on the Ethereum blockchain.

Polygon, a leading developer of Ethereum scaling solutions, unveiled the Polygon PoS network and, more recently, the Polygon zkEVM. In addition, they launched a software toolkit earlier this year, empowering developers to create their own blockchains. Matter Labs, known for their zkSync layer-2 network, also offers their technology to emerging blockchain builders.

“Kraken has recently posted a job vacancy in the careers section of its website, seeking a “Senior Cryptography Engineer” with expertise in contemporary cryptography, including ZK proofs. This role may involve tasks related to the development and deployment of layer-2 solutions.”

“Our team is passionate about open-source initiatives, layer-2 technologies, zero-knowledge proofs, and multi-party computation. We are committed to relentlessly discovering the capabilities of on-chain scaling solutions. The team has recently initiated efforts to explore the integration of additional protocols and decentralized applications within Kraken.”

“Bitcoin Ordinals introduces a numerical system that assigns a distinct identifier to every single Satoshi, representing 1/100 million of a Bitcoin. This system facilitates tracking and transfer of these fractions. When combined with the inscription process, which embeds supplementary data into each Satoshi, it empowers users to create exclusive digital assets on the Bitcoin blockchain. It’s important to note that the ORDI token currently available on Binance is not affiliated with the creators of Bitcoin Ordinals.”