Kraken has launched a $42.5 million deal to receive tokens from Optimism. This development follows months after Kraken reached an agreement with the Optimism Foundation for a grant of 25 million OP tokens. Initially valued at around $100 million, the grant’s worth has since decreased due to market fluctuations.
The agreement permits Kraken to utilize Optimism’s OP Stack—a set of tools aiding developers in creating their own layer-2 networks. These networks aim to enhance transaction speeds and reduce costs on the Ethereum blockchain. Kraken clarified that the tokens will be distributed gradually, not in a lump sum.
This partnership supports Kraken’s new project, Ink. Ink is a layer-2 network designed to boost Ethereum’s functionality and scalability. Built on Optimism’s OP Stack, Ink offers users faster and more cost-effective transactions while maintaining Ethereum’s security.
The creation of Ink aligns with Kraken’s broader strategy to engage in the expanding ecosystem of layer-2 solutions. These solutions aim to alleviate congestion and high fees on the Ethereum network, tying into the broader “Superchain” initiative.
The Superchain is a network of interconnected blockchains designed for horizontal scalability. These chains collaborate, sharing crucial features like security, communication, and an open development framework.
The Superchain Ecosystem specifically promotes the use and development of the OP stack, a suite of tools that simplify blockchain development. Protocols such as Base, Mode Network, Zora Network, Cyber, and Kroma are integral parts of this system.
Kraken’s moves
In 2024, Kraken achieved significant progress with several key projects and milestones. A standout accomplishment was completing the acquisition of Coin Meester B.V. (BCM), a crucial step in its strategy to expand in the European market.
This acquisition enables Kraken to enhance its services in the Netherlands, France, and Poland, offering a broader range of crypto services as the European market becomes more competitive and regulated.
Moreover, Kraken is actively preparing for a potential initial public offering (IPO), aiming to secure over $100 million in funding to strengthen its position before going public.
This initiative follows a period of regulatory challenges and reflects growing investor interest in the company. With projected revenues between $1 billion and $2 billion, Kraken is well-positioned to capitalize on the increasing acceptance of cryptocurrencies in the market.
Kraken also continues to expand its product offerings. In April 2024, the exchange announced new staking rewards for various cryptocurrencies, enhancing its appeal to both new and existing users.
Back in April, Kraken rolled out its own self-custody cryptocurrency wallet. Initially, this Kraken Wallet is compatible with assets from eight different blockchain networks, such as Bitcoin, Ethereum, Solana, Optimism, Base, Arbitrum, Polygon, and Dogecoin.
Functionally, it offers users the capability to manage decentralized finance tokens and NFTs, while also allowing engagement with decentralized applications using Wallet Connect. Plus, it provides round-the-clock customer support every day of the year for user guidance.
