US-Based Crypto Exchange Announces Launch of New Kraken Wrapped Bitcoin (kBTC)
The second largest US-based crypto exchange by trading volume is launching a new 1:1 Bitcoin (BTC)-pegged token. According to a new announcement, Kraken just dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token fully backed by the exchange. “We are thrilled to launch Kraken Bitcoin (kBTC), a fully backed, cross-network-compatible ERC-20 representation of Bitcoin custodied by Kraken… kBTC is a fully backed, cross-network-compatible ERC-20 token. Each kBTC token is fully backed 1:1 by an equivalent amount of Bitcoin and held securely in Kraken’s custody.” According to Kraken, the Ethereum (ETH)-based BTC equivalent will be available for use in decentralized applications (dApps) and will be interoperable on Ethereum and OP Mainnet (OP), formerly known as Optimism. Kraken also plans to extend kBTC’s capabilities to other layer-1 networks, including non-EVM-based crypto ecosystems. According to Kraken, the new token will help expand and ...