The second-largest US-based cryptocurrency exchange by trading volume launches a new 1:1 Bitcoin (BTC) pegged token.
According to a new announcement, Kraken has just dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token that is fully backed by exchanges.
“We are excited to launch Kraken Bitcoin (kBTC), a fully backed, cross-network compatible ERC-20 representation of Bitcoin managed by Kraken…
kBTC is a fully backed, cross-network compatible ERC-20 token. Each kBTC token is fully backed by an equal amount of Bitcoin on a 1:1 basis and is safely stored under the control of Kraken. ”
According to Kraken, Ethereum (ETH)-based BTC equivalents will be available for decentralized applications (dApps) and will be interoperable on Ethereum and the 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 expand the future of BTC.
“With kBTC, we are bringing the power of Bitcoin to a new network, backed by the trust and security expertise that Kraken has established over the past decade. We believe it will strengthen Bitcoin's position in the market, enable cryptocurrency builders to explore new ways to use Bitcoin, and advance the entire ecosystem.”
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Featured Image: Shutterstock/Quanrong Huang/Chuenmanuse
