Kraken checking out Layer 2 in a quote to take on Coinbase.
Crypto exchange Kraken is thinking about Polygon, Matter Labs, and Nil Foundation to construct a brand-new layer 2 scaling service, CoinDesk discovered through sources knowledgeable about the matter.
The relocation would permit Kraken to follow the lead of competing exchange Coinbase, which introduced its own Base layer 2 network in August utilizing innovation from Optimism. Coinbase's offering has actually rapidly consumed into market share, showing the possible advantages for exchanges broadening into layer 2.
“We're constantly wanting to determine and fix for brand-new market obstacles and chances,” a Kraken representative informed CoinDesk. “We do not have anything additional to share at this time.”
The business just recently published a task opening for a Senior Cryptography Engineer to deal with “style and execution of layer-2 options,” particularly pointing out “interest for open source, layer-2 innovations” like zero-knowledge evidence.
“The group has actually just recently started checking out how more procedures and decentralized applications can be incorporated into Kraken,” the task description checks out.
This signals Kraken's severity around checking out layer 2 abilities to remain competitive in the crypto exchange area. Significant gamers like Kraken and Coinbase have actually progressively looked for to utilize their relied on brand names and client bases to broaden their blockchain offerings.
By partnering with a recognized layer 2 designer like Polygon, Kraken intends to fast-track the advancement of its offering to handle Coinbase and capture market share. With strategies still in the early phases, it stays to be seen whether the exchange will eventually tap Polygon or one of the other competitors to construct out its layer 2 facilities.
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