Cardano Founder Wants to Partner with Kraken, Here's Why

Cardano Founder Wants to Partner with Kraken, Here’s Why

UTC by Mayowa Adebajo · 3 min read
Cardano Founder Wants to Partner with Kraken, Here’s Why
Photo: Web Summit / Flickr

For many crypto firms that are currently exploring layer-2, they have found that it opens up potential new revenue streams. 

Charles Hoskinson, the founder of Cardano blockchain may be eyeing a potential partnership with top US crypto exchange Kraken. This follows after Kraken announced that it plans to improve its technological capabilities, admitting that it would need the help of a blockchain developer to do so.

Although many notable contenders have also signalled their interest in partnering with Kraken, Hoskinson may be the latest in line. He expressed his interest in a recent X post saying:

“I’m game if you are.”

What Kraken Expects and How Cardano Can Help

Kraken’s search for a blockchain partner has everything to do with its keen interest in launching its own Layer 2 blockchain network. While this has somewhat become a general trend among major crypto companies, Kraken seeks to make blockchain technology development a major part of its business operations.

For many crypto firms that are currently exploring Layer 2, they have found that it can create additional revenue streams.  Moreover, it also helps to cement their place in a digital currency market that is constantly evolving.

As earlier mentioned, Kraken has an array of options to choose from. That is as it concerns a blockchain technology firm it would partner with in this quest. So, Cardano still has the likes of Polygon, Matter Labs and many other leading firms in the sphere to contend with. However, the ultimate decision on who becomes its partner for the project rests with Kraken.

Coinbase Leading the Layer 2 Charge

It might be worth noting that Coinbase’s efforts in Layer 2 have not gone unnoticed. More accurately, its foray into Layer 2 networks has undoubtedly been a success story, one that has set the trend for the entire blockchain industry.

As Coinspeaker reported, their network, Base, partnered with Optimism to build the OP Stack. And more than greatly improving the efficiency of running decentralized applications on Ethereum, it has also enhanced user experience on the network. But its successes do not end there.

Since Base launched, the Layer 2 network has grown very popular and is now the 10th most popular chain. That is in terms of the total value locked (TVL) on the chain, which is over $300 million.

Meanwhile, Coinbase continues to prove that transparency is a major point of focus for it. It has prioritized community involvement by recently open-sourcing Base’s code. That effort is geared toward allowing the public to keep an eye on the network, occasionally making contributions that will ultimately improve the Ethereum Layer 2 network.

Blockchain News, Cryptocurrency News, News
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