Kraken Explores Polygon Partnership to Launch Layer 2 Blockchain Network

Kraken eyes Polygon, Matter Labs, and Nil Foundation for layer 2 network.
Follows Coinbase: plans to develop its layer 2 network.
Job posting hints at Kraken’s exploration of cryptography and scaling solutions.

Kraken, a leading U.S. crypto exchange, is contemplating a strategic move into the world of layer 2 networks, following the lead set by competitor Coinbase earlier this year. According to sources familiar with the matter, the exchange is evaluating various blockchain developers like Polygon, Matter Labs, and the Nil Foundation to potentially craft its own layer 2 network.

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As we can see from the post above, Charles Hoskinson, the Founder and CEO of Cardano is throwing his hat into the ring. Looks like Hoskinson likes the prospect of a partnership with Kraken and take on this venture as well.

The discussions, although in the preliminary stages and unconfirmed publicly, hint at Kraken’s ambitions to address new industry challenges and seize emerging opportunities. While a Kraken spokesperson declined to provide further details, job postings on the company’s website suggest a proactive stance toward embracing modern cryptography and exploring layer-2 solutions.

Coinbase set a precedent by unveiling its Base layer 2 network in August, leveraging OP Stack from the team behind Optimism. Similarly, Polygon and Matter Labs are pioneers in Ethereum scaling, offering cutting-edge solutions like zkEVM and zkSync, respectively, to fuel the growth of decentralized applications.

Kraken’s potential venture into layer 2 technology reflects a broader trend within the crypto sphere, where established industry players are exploring blockchain development as a means of generating new revenue streams or expanding their operational frameworks.

The exchange’s recent job posting for a Senior Cryptography Engineer emphasizes familiarity with ZK proofs and a strong focus on open-source and layer-2 technologies. The role hints at the company’s intention to integrate more protocols and decentralized applications into its platform, showcasing a commitment to scaling solutions on-chain.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.