The second largest US-based crypto exchange by trading volume is launching a new 1:1 Bitcoin (BTC)-pegged token.
According to a new one announcementKraken just dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token that is fully backed by the exchange.
“We are excited to launch Kraken Bitcoin (kBTC), a fully supported, cross-network ERC-20 representation of Bitcoin operated by Kraken…
kBTC is a fully supported, cross-network 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 interoperable on Ethereum and OP Mainnet (OP), formerly known as Optimism. Kraken also plans to expand kBTC’s capabilities to other layer 1 networks, including non-EVM-based crypto ecosystems.
According to Kraken, the new token will help expand and extend BTC’s future.
“With kBTC, we are bringing the power of Bitcoin to new networks, backed by the trust and security expertise that Kraken has built up over the past decade. We believe kBTC strengthens Bitcoin’s position as the epicenter of crypto, allows crypto builders to explore new ways to use Bitcoin, and advances the entire ecosystem.”
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Featured image: Shutterstock/Quanrong Huang/Chuenmanuse