Hinting at token issuance? North America's third-largest crypto exchange, Kraken, previously launched its own blockchain, Ink, and has now announced a points system. Unlike other blockchains, these points are mainly used on Kraken Pro (Kraken's professional trading platform) to track trading and referral activities. This makes the token look more like preparation for a platform token. At the end of last year, Kraken's primary institutional valuation reached $20 billion USD, but the CEO later announced a delay in their U.S. IPO plans until 2026, citing a cooling crypto IPO market. If Ink issues tokens before the IPO, Kraken would become one of the few crypto exchanges planning a U.S. listing while having its own blockchain and platform token. Historically, Kraken has been one of the North American exchanges more friendly to the Chinese market, offering Chinese-language KYC support early on.