Kraken's Potential Layer-2 Solution: Rumors Sparked by Job Posting, Yet Unconfirmed
Summary:
Cryptocurrency platform Kraken hasn't confirmed or denied rumors of developing a layer-2 solution like Coinbase's Base network, sparked by a job posting for a senior cryptography engineer to design such solutions. The company would not disclose if it is indeed working on a layer-2 network to compete with other crypto platforms. This potential move has received mixed reactions from the crypto community. Earlier in the year, Coinbase introduced its layer-2 solution, the Base network.
Cryptocurrency trading platform Kraken has neither verified nor dismissed speculation about its potential development of a layer-2 system similar to the Base network introduced by its adversary, Coinbase. The conjecture arose from anonymous reports and a recent job listing by Kraken, which is looking for a senior cryptography engineer tasked with developing cryptographic protocols and "layer-2 solutions." The job advertisement also revealed that Kraken is delving into how their cryptographic ecosystem can incorporate more protocols and decentralized applications, expressing the team's keenness towards layer-2 protocols. Seeking clarification, Cointelegraph reached out to Kraken, but the platform didn't verify their active development of a layer-2 network to compete with Base or other layer-2 crypto platforms. A company representative stated that they have no further information to share currently, only elaborating that they are constantly seeking solutions for emerging opportunities and challenges in the industry. The disclosure has elicited mixed reactions from the crypto community, with some endorsing Kraken's potential leap into layer-2 solutions, while others oppose it. An X (formerly Twitter) user argued against the need for layer-2 networks given the presence of scalable layer-1 networks, pointing out that there are already plenty fragmenting liquidity. Earlier this year, Kraken's rival, Coinbase, rolled out its own layer-2 interface, the Base network, which commenced operations on August 9 for general users, following a "builders only" phase.
Published At
11/7/2023 8:02:03 AM
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