Kraken Strategic Response To Layer-2 Rumors: Tackling Industry Challenges Head-On

There has been talk about possible developments within Kraken, a crypto exchange company. Yet, they haven’t said yes or no to a rumored layer-2 solution. This alleged advancement mirrors a similar change made by rival company, Coinbase, who launched their Base network earlier this year.

Fuel for these whispers came not only from unnamed tip-offs but also a recent job notice from Kraken. The company is seeking a senior cryptography engineer. However, This person would be expected to create and set in motion new protocols and “layer-2 solutions.”

Insights into Kraken’s activities can be found within the job notice. The company has kick-started explorations into more protocols and decentralized applications, wanting to add them into their crypto ecosystem. Plus, they stated that the company is eager about layer-2 protocols.

**Kraken’s job listing seeking a senior cryptography engineer, as sourced from Lever**

Kraken Silence On Layer-2 Development Sparks Speculation In Crypto World

We sought information from Kraken about this matter. However, the trading platform did not verify whether it’s developing a layer-2 network that might go toe-to-toe with Base and other L2 competitors in the crypto world. A Kraken representative explained that there’s nothing to talk about currently. They stated:

“We’re on the hunt to pinpoint and tackle fresh obstacles and chances in the industry. We don’t have any additional details to provide right now.”

Some people in the community responded to the news. They had mixed reactions about Kraken exploring layer-2 solutions. One X (previously Twitter) user contended that layer-1 networks are already scalable enough. Therefore, “we don’t need L2s.” The same user also pointed out that there are too many layer-2 networks. This causes “fragmented liquidity.”

Earlier, Kraken’s rival Coinbase introduced its layer-2 solution, named the Base network. On Aug 9, Base launched officially. However, It was no longer limited to “builders only.” Now, it’s available for all users.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.