Kraken’s Ink Announces Token Airdrop, Coinbase Eyes Tokenized Stocks, and Global Crypto Policy Heats Up
The crypto world is moving fast this week, with several major developments across projects, platforms, and policy fronts. From Kraken’s Layer 2 solution preparing its first token airdrop to Coinbase exploring a future in tokenized equities, the landscape is evolving—fast.
Ink Reveals Token Launch and Airdrop Strategy
Ethereum Layer 2 network Ink, a project backed by Kraken, is making its public debut with a planned launch and airdrop of its INK token. The foundation behind Ink announced a 1 billion token supply, with no plans for governance features—positioning INK strictly as a utility asset.
The token’s initial use case will involve a DeFi liquidity pool powered by Aave, designed to reward early adopters through airdrops and jumpstart the network’s financial activity. Managed by a subsidiary of the Ink Foundation, the rollout hints at multiple airdrop rounds in the near future.
Ink is part of the Optimism Superchain—a growing ecosystem that includes Base, OP Mainnet, World Chain, and others—focusing on interoperability and scalable Ethereum-based infrastructure.
Coinbase Pursues Approval for Tokenized Stocks
In a potentially transformative move, Coinbase is seeking a green light from the U.S. Securities and Exchange Commission (SEC) to offer tokenized stocks on its platform. The exchange is aiming to secure either a no-action letter or exemptive relief, which would allow it to roll out blockchain-based equities without violating current securities regulations.
The proposed offering would enable 24/7 trading, faster settlements, and lower costs—a direct challenge to platforms like Robinhood and Charles Schwab. However, Coinbase has not confirmed whether a formal request has been submitted to the SEC or when such offerings might go live.
This comes on the heels of Kraken’s recent launch of xStocks, which offers over 50 tokenized stocks and ETFs to users outside the U.S. in regions such as Europe, Latin America, Africa, and Asia.
South Korean Crypto CEO Acquitted in Fraud Case
In South Korea, a court has acquitted Haru Invest CEO Lee Hyung-soo of defrauding investors out of $650 million, concluding he did not deliberately mislead customers. The charges were tied to Haru’s suspension of withdrawals in mid-2023, which impacted roughly 6,000 users.
Lee’s case gained notoriety when he survived a stabbing attack during trial proceedings by a man who had reportedly lost 100 BTC. The attacker was sentenced to five years in prison earlier this year. While criminal charges have been cleared, civil liabilities for the firm remain unresolved.
a16z Crypto Invests Further in EigenLayer
Venture giant Andreessen Horowitz (a16z crypto) has increased its stake in Ethereum-based project EigenLayer, investing $70 million worth of EIGEN tokens to support the rollout of its new platform, EigenCloud.
EigenCloud aims to let developers build scalable, trust-minimized applications using onchain verification, with applications spanning AI, media, and healthcare. This move builds on the firm’s prior $100 million Series B investment in February 2024.
Thailand Extends Tax Breaks for Crypto Through 2029
Thailand has approved a capital gains tax exemption for certain crypto transactions through 2029. The policy applies to crypto gains made via platforms licensed by the country’s Securities and Exchange Commission, including exchanges and brokers.
This is part of Thailand’s broader strategy to become a regional crypto hub, aiming to drive innovation and attract foreign investment by offering a friendlier regulatory environment.
Overnight, X (formerly Twitter) suspended several memecoin-related accounts, including pump.fun, founder Alon Cohen, and projects like GMGN and BullX. The unexplained bans have fueled speculation of a potential regulatory sweep targeting memecoins and their promoters.