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Kraken unveils tokenized Bitcoin kBTC

by

2 hours ago

On October 17, Kraken introduced its tokenized version of Bitcoin called Kraken Wrapped Bitcoin (kBTC). This token is backed 1:1 by Bitcoin held in the company's custody.

Kraken token launch

Kraken officially announced the release of the kBTC token on October 17. The key feature of the token is that it is backed 1:1 by Bitcoin, which is held in custody by Kraken.

Features of kBTC

kBTC is an ERC-20 token that can interact with networks such as Ethereum and OP Mainnet (formerly known as Optimism). It can also be used in decentralized applications (DApps), providing it with great flexibility and applicability.

Mission and prospects

Kraken stated that with kBTC, it brings the power of Bitcoin to new networks, leveraging the trust and security expertise the company 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.

This is a developing story, and further information will be added as it becomes available.

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