Kraken May Launch Own Blockchain L2 Network Following Coinbase’s Success

1. Kraken is planning to launch its own Ethereum Layer 2 blockchain infrastructure.
2. Top contenders are Polygon Labs and Matter Labs, although other parties are still pitching their solutions.
3. Coinbase witnessed success with its own L2 ecosystem Base.

Prominent US crypto exchange Kraken is alleged to be in talks with blockchain ecosystem core developers across the crypto space to develop its own Layer 2 (L2) blockchain infrastructure.

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According to various media sources, some of the top picks for the said undertaking are Polygon Labs, the group behind Polygon, and Matter Labs, the ones that introduced zkSync, another Ethereum L2 solution.

Nothing is set in stone at the moment, as sources say that more parties may be pitching their solutions to Kraken. In addition, the exchange has not unveiled a team dedicated for this endeavor yet. However, Kraken recently added a job posting for a cryptography engineer who is familiar with L2 solutions. 

Kraken’s goal may be fueled by the success of Coinbase with its own Ethereum L2 network — Base. The latter prides itself in creating an L2 network that offers significantly low fees and is home to some crypto projects, one of which is Friend.tech, a controversial Web3 social networking platform that got mixed reviews.

Kraken and Coinbase remain as two of the most prominent cryptocurrency exchanges operating in the US. Both continue to operate and strive to be compliant with applicable regulations in the country as former heavyweight FTX has crumbled and Binance.US is still in the midst of regulatory challenges.

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