Kraken looking to ‘solve’ industry challenges amid layer-2 rumors

Crypto exchange Kraken neither verified nor rejected rumors of the companys plans to possibly release a layer-2 option similar to what its rival Coinbase did with the Base network previously this year.The rumors were fueled by reports pointing out anonymous sources and a job posting from Kraken highlighting that the organization is wanting to hire a senior cryptography engineer who would be in charge of developing and executing cryptographic procedures and “layer-2 services.”Within the task post, Kraken also noted that its group has actually “recently embarked on checking out how more protocols and decentralized applications can be incorporated” into its crypto ecosystem. The post likewise noted that the company is passionate about layer-2 protocols.Krakens job posting for a senior cryptography engineer. Source: LeverCointelegraph reached out to Kraken for clearness on the subject. The exchange did not verify that it is working on a layer-2 network that might potentially competing Base and other L2 gamers throughout the crypto area. According to a spokesperson from Kraken, the company does not have anything to go over at the minute. They said:”Were constantly seeking to identify and resolve for new market obstacles and opportunities. We dont have anything additional to share at this time.”Various community members have reacted to the news, with some supporting Kraken entering layer-2 options and others being versus the relocation. An X (formerly Twitter) user argued that, due to the fact that of scalable layer-1 networks, “we dont need L2s.” The community member also kept in mind that the market has enough layer-2 networks that are “fragmenting liquidity.”Related: Will the next crypto bull run be dominated by L1s, L2s or something else?Earlier this year, Krakens competitor Coinbase launched its own layer-2 option called the Base network. On Aug. 9, Base was formally launched, opening usage for end-users after a period of being in a “contractors only” phase.Magazine: Ethereum restaking: Blockchain innovation or unsafe home of cards?