One of the oldest cryptocurrency exchanges in the world, Kraken, plans to launch a blockchain for decentralized applications early next year that will allow trading, borrowing and lending tokens without intermediaries, similar to Base from the Coinbase (NASDAQ: COIN ) exchange.

The new network has already received the name Ink. According to the developers, the test version of the blockchain will be launched by the end of this year, and the main one in the first quarter of 2025.

By the time of the final launch, the Ink blockchain will support over 10 major applications — decentralized platforms and liquidity aggregators. According to the information provided, the network validators will be controlled only by the Kraken exchange, but later the network is planned to be decentralized. In addition, as the exchange representatives reported, the blockchain will not have a native token, at least for now.

The move marks an attempt by the crypto exchange to further expand its presence in the DeFi ecosystem and provide more decentralized services, joining its rival Coinbase, which has done the same with Base.

So, following the example of its biggest competitors like Binance and Coinbase, Kraken is releasing its blockchain — a move that should increase the number of users on the platform. A similar tactic once paid off for Binance and its BNB Chain.