Cardano's Charles Hoskinson Eyes Partnership In Kraken's Layer-2 Blockchain Project

Zinger Key Points
  • Cardano founder has indicated interest in a partnership with Kraken for the Layer 2 network.
  • The combination of two established players in the space may create a strong layer 2 network to compete with Base.

Cardano founder Charles Hoskinson has expressed interest in a possible collaboration with Kraken to create a Layer-2 network. On Sunday, he took to his X (previously Twitter) handle to tag the Kraken co-founder Jesse Powell stating, “I'm game if you are…”

What Happened: Early last week, Kraken announced plans to partner with blockchain developers, Polygon, Matter Labs, or Nil Foundation to implement the proposed L2 network, CoinGape reported. With Cardano joining the race, the competition is building up significantly, and the crypto community awaits the decision to see who gets the spot.

Kraken’s changing plans are also reflected on the website’s careers section where there is a new job posting for a "Senior Cryptography Engineer" with "knowledge of modern cryptography (including ZK proofs)". The opportunities could include "design and implementation of layer-2 solutions."

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Also Read: Bitcoin, Ethereum And Now Mantle? New Layer-2 Network Proposes $200M Ecosystem Fund

Why It Matters: Cardano is known for its innovative approach to blockchain technology and digital finance. Hoskinson's proposed partnership would highlight the growing synergy between the established companies, potentially leading to a highly interconnected digital asset frame.

In an effort to cement their position in the rapidly developing digital asset ecosystem, many crypto exchanges want to develop blockchain technology. It is not only for financial benefits but also for the expansion of its operations.

Coinbase is the leading example, having launched its L2 network, Base, in August 2023, built on the Optimism (OP) Stack and currently having a Total Value Locked (TVL) of more than $300 million making it the 10th most popular chain. A social platform, was created on the Base network. This also attracts other players to develop similar platforms and further expand growth avenues.

To hear from industry experts on how layer 2 networks form an integral part of the blockchain evolution, do not miss Benzinga’s Future of Digital Assets event on Nov.14 where developments in the Web3 space will be a key topic of discussion, featuring eminent speakers from VanEck, Google Cloud, Fireblocks and many others.

Read More: Sees Traction, Revenue Zooms With Sniper Bots Contribution Significant

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Posted In: CryptocurrencyNewsMarketsBlockchaincardanoKrakenLayer 2Matter LabsPolygon
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