Kraken Launches kBTC: Tokenized Bitcoin Now Available on Ethereum and Optimism

Kraken Launches kBTC: Bitcoin Meets DeFi with New Tokenized Version

Crypto exchange Kraken has introduced a tokenized version of the cryptocurrency that represents the company’s BTC holdings. Kraken Wrapped Bitcoin, or kBTC, was formally unveiled on October 17 and is backed 1:1 by an equivalent quantity of Bitcoin that Kraken owns. Decentralized apps (DApps) can use the new ERC-20 token, which is compatible with networks like Ethereum and OP Mainnet (Optimism), according to Kraken.

With kBTC, we’re bringing the power of Bitcoin to new networks, underpinned by the trust and security expertise Kraken has established over the last decade. We believe kBTC reinforces Bitcoin’s position as the epicenter of crypto, empowers crypto builders to explore new ways to use Bitcoin, and pushes the entire ecosystem forward.

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