Cardano – Kraken to pair up? Here’s what’s going on

November 13, 2023

By Victor Olanrewaju

• Charles Hoskinson offered to help Kraken build its L2.

• The exchange is considering a Polygon integration as well, giving Cardano a low chance of success.

Cardano [ADA] founder Charles Hoskinson has extended a helping hand to U.S.-based crypto exchange Kraken in connection with the latter’s plan to build a Layer-two (L2) protocol.

Hoskinson, who is known as a vocal figure in the ecosystem, made the proposal via a post directed at Kraken’s co-founder Jesse Powell on X (formerly Twitter).

L2s are developed to enhance speed and reduce the cost of performing transactions on a blockchain. Although Cardano is an L1 blockchain, Hoskinson’s proposal could be born out of the fact that it has a functional L2 called Hydra to help Kraken with the design.

Like Base, Like Kraken

As of last week, Kraken had not yet decided on the blockchain firm it intends to collaborate with on the project. However, it had options including Polygon [MATIC], Matter Labs, and the Nil Foundation. So, it remains uncertain its Cardano will make the cut.

If eventually launched, Kraken would become the second crypto exchange behind Coinbase to build its own L2 network. Also, the exchange’s decision to follow in Coinbase’s footsteps could be linked to the success that Base has had.

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