Kraken has introduced a new product—wrapped Bitcoin kBTC—that is fully backed and compatible with networks like OP Mainnet and Ethereum.

Launch of kBTC and Its Innovations

On October 17, Kraken announced the launch of their new token, kBTC, a wrapped Bitcoin compatible with multiple networks. The company's goal is to create genuine products that contribute to the global adoption of cryptocurrencies. kBTC enables Bitcoin's use on decentralized applications (dApps) thanks to its interoperability with blockchains such as OP Mainnet and Ethereum.

Partnerships and Platforms

Supported by platforms like Ethereum, OP Mainnet, Kraken Pro, and others, Kraken is facilitating kBTC use in DeFi and on-chain activities. These capabilities expand Bitcoin's use case to include decentralized finance and beyond.

Security and Transparency

Kraken assures the secure and transparent management of kBTC funds. All bitcoins backing kBTC are stored in Kraken Financial. Kraken also provides access to kBTC's smart contracts, which have been audited by the external firm Trail of Bits to ensure security.

Kraken's launch of kBTC represents a significant advancement in extending Bitcoin's utility into the DeFi sector. Through its partnerships and security measures, Kraken continues to promote transparency and reliability in cryptocurrency operations.