The second largest US-based crypto exchange by trading volume is launching a new 1:1 Bitcoin (BTC)-pegged token.
According to a new announcement, Kraken just dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token fully backed by the exchange.
“We are thrilled to launch Kraken Bitcoin (kBTC), a fully backed, cross-network-compatible ERC-20 representation of Bitcoin custodied by Kraken…
kBTC is a fully backed, cross-network-compatible 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 will be interoperable on Ethereum and OP Mainnet (OP), formerly known as Optimism. Kraken also plans to extend 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 the future of BTC.
“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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Featured Image: Shutterstock/Quanrong Huang/Chuenmanuse