March 27, 2024
Kraken Aims to Address Industry Issues Amidst Layer-2 Speculation
Latest Cryptocurrency News

Kraken Aims to Address Industry Issues Amidst Layer-2 Speculation

Crypto exchange Kraken neither confirmed nor denied rumors of the company’s plans to potentially release a layer-2 solution similar to what its competitor Coinbase did with the Base network earlier this year. The rumors were fueled by reports citing anonymous sources and a job posting from Kraken highlighting that the organization is looking to hire a senior cryptography engineer who would be in charge of designing and implementing cryptographic protocols and “layer-2 solutions.”

Within the job post, Kraken also noted that its team has “recently embarked on exploring how more protocols and decentralized applications can be integrated” into its crypto ecosystem. The post also noted that the company is enthusiastic about layer-2 protocols. The exchange did not confirm that it is working on a layer-2 network that could potentially rival Base and other L2 players across the crypto space. According to a spokesperson from Kraken, the company does not have anything to discuss at the moment. They said:

“We’re always looking to identify and solve new industry challenges and opportunities. We don’t have anything further to share at this time.” Various community members have responded to the news, with some supporting Kraken getting into layer-2 solutions and others being against the move. An X (formerly Twitter) user argued that, because of scalable layer-1 networks, “we don’t need L2’s.” The community member also noted that the industry has enough layer-2 networks that are “fragmenting liquidity.” Earlier this year, Kraken’s competitor Coinbase released its own layer-2 solution called the Base network. On Aug. 9, Base was officially launched, opening use for end-users after a period of being in a “builders only” phase.

Image By vecstock

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