Kraken Plans to Launch Layer-2 Blockchain to Rival Coinbase’s Base

• Kraken plans to launch its own layer-2 blockchain, hot on the heels of Coinbase’s layer 2, Base.
• The exchange considers collaborating with Polygon, Nil Foundation, and Matter Labs.
• The adoption of layer-2 blockchains has been growing over the past few years.

According to recent reports, the U.S.-based crypto exchange Kraken has been planning to launch its own layer-2 (L2) blockchain, seeking support from prominent players in the industry.   A Kraken L2 would rival platform Coinbase’s Base L2, launched earlier this year. Kraken is considering leading blockchain companies like Polygon, Nil Foundation, and Matter Labs for development.

People familiar with the matter disclosed the plan to launch a new L2 but Kraken remained tight-lipped. A Kraken spokesperson declined to share details, but stated, “We’re always looking to identify and solve for [sic] new industry challenges and opportunities.”

Previously, in February 2023, Coinbase announced the initial testnet of Base, a layer-2 blockchain built on Ethereum, to offer “a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or dapps onchain.” Later, in August,…

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