Kraken plans to launch a blockchain called Ink early next year, which will be used for DeFi trading and lending

ChainCatcher news, according to Bloomberg, cryptocurrency exchange Kraken plans to launch a blockchain for decentralized applications early next year, allowing token trading, borrowing, and lending without intermediaries. This new digital ledger, named Ink, will use technology similar to that of Coinbase Global Inc.'s Base.

Ink founder Andrew Koller stated in an interview that a developer testnet will be launched later this year, allowing developers to try out Ink's applications on the testnet, with the blockchain expected to be open to retail and institutional users in the first quarter. Koller mentioned that Kraken does not intend to issue its own token; Ink applications will be provided through the Kraken Wallet app; more than a dozen applications will be available at Ink's debut, such as decentralized exchanges and aggregators; ultimately, the chain may become the home for real-world assets and advanced lending applications; Kraken initially planned to be the sorter for the chain, making money by organizing and managing transactions on the network, but this function will eventually be decentralized and shared among multiple parties.