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Kraken Enters Wrapped Bitcoin Race with kBTC Token

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2 hours ago

Crypto exchange Kraken has announced the launch of its own Wrapped Bitcoin token, kBTC, intensifying competition in this market segment.

Crypto Exchanges Compete in Wrapped Bitcoin

Kraken's announcement of launching kBTC comes just a month after Coinbase's introduction of cBTC. This highlights the growing competition among major crypto exchanges in the Wrapped Bitcoin arena.

Features of kBTC Token

Kraken stated that the kBTC token is built on the Ethereum network and backed 1:1 by Bitcoin. The exchange emphasizes transparency by allowing clients to verify reserves on-chain at any time.

Security Audits and Market Reactions

The token's cybersecurity has been validated by an audit from Trail of Bits, which assessed the kBTC smart contracts for vulnerabilities. Kraken's move comes amid increased scrutiny from BitGo and concerns about control over Wrapped Bitcoin.

Kraken's introduction of kBTC underscores the rising competition in the Wrapped Bitcoin sector, as well as a focus on transparency and security in operations.

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