Kraken Exploring Options for Layer 2 Blockchain Network; Eyeing Polygon, Matter Labs, and Nil Foundation
This move follows Coinbase's launch of its own Layer 2 network earlier this year.
By: The Defiant Team •
Kraken, the major U.S.-based cryptocurrency exchange, is reportedly looking into partnering with top firms to build its own Layer 2 network, according to sources who spoke with CoinDesk. This move follows Coinbase's launch of its own Layer 2 network earlier this year.
A shortlist of contenders for the partnership includes Polygon, Matter Labs, and the Nil Foundation, among others. However, the discussions are still ongoing and confidential. Kraken has not yet disclosed any details of the upcoming network publicly.
Polygon has developed Ethereum scaling solutions like its Polygon PoS network and Polygon zkEVM. The company released a new software toolkit this year that enables developers to create their own blockchains. Matter Labs is known for its work on the zkSync Layer 2 network and offers its technology to emerging companies.
Competitor Coinbase launched its Layer 2 network, Base, in August. Base uses OP Stack, a technology from the OP Labs team responsible for building Optimism, the second-largest Layer 2 network on the Ethereum blockchain.