Tuesday, 5 December 2023

Crypto News

Kraken and Cardano forge alliance amidst Memeinator presale surge

Cardano’s DeFi TVL rose 172% in Q1 amid significant ecosystem growth: Messari

  • Hoskinson is eyeing a collaboration with Kraken for a Layer-2 network
  • Kraken wants to follow Coinbase’s move to launch a Layer-2 blockchain.
  • Memeinator presale continues to gather steam with $1,303,398 raised so far.

In a strategic move within the dynamic landscape of the cryptocurrency sector, Charles Hoskinson, the visionary founder of Cardano Blockchain, has hinted at a potential partnership with Kraken, a prominent US cryptocurrency exchange. The primary objective of this alliance is to jointly develop a cutting-edge Layer-2 (L2) blockchain network.

Kraken is actively seeking a proficient blockchain developer to enhance its technological capabilities, aligning with the industry trend of expanding into blockchain technology development. The pursuit of launching its own Layer-2 network positions Kraken to tap into new revenue streams and strengthen its position in the evolving digital currency landscape.

Kraken’s Layer-2 aspirations and industry trends

Kraken’s pursuit of a Layer-2 network aligns with broader industry trends where major players are venturing into blockchain technology development. The move not only signifies a strategic pivot for cryptocurrency exchanges but also reflects a commitment to embracing the transformative potential of blockchain technology.

As the competition intensifies for blockchain partnerships, Kraken’s considerations extend to evaluating leading blockchain technology firms, including Polygon and Matter Labs. The final selection remains uncertain, leaving the potential partnership with Cardano in suspense.

Charles Hoskinson remains optimistic about the potential collaboration with Kraken. If chosen, he sees the opportunity for Kraken to chart a path to success similar to Coinbase’s experience with Layer-2 networks. The increasing interest in Layer-2 networks among major cryptocurrency entities underscores the industry’s dedication to innovation and growth within the blockchain technology ecosystem.

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