Kraken Launches kBTC: A New Era for Bitcoin in DeFi
TL;DR
- Kraken has launched Kraken Wrapped Bitcoin (kBTC), a fully-backed tokenised version of $BTC for use across multiple blockchain networks.
- The kBTC token enhances access to the DeFi ecosystem while ensuring security through audits and partnerships.
Kraken, a leading cryptocurrency exchange, has introduced Kraken Wrapped Bitcoin (kBTC), a token fully backed by $BTC reserves held securely by Kraken Financial. Each kBTC token represents a 1:1 ratio with Bitcoin, facilitating interoperability across various blockchain networks, including OP Mainnet and $ETH. This initiative aims to broaden access to the DeFi ecosystem while leveraging Kraken's robust custody and security measures.
Developers are encouraged to integrate $BTC into their decentralized applications (dApps), enhancing functionality and user experience. Kraken emphasizes that kBTC reinforces Bitcoin's central role in the crypto space, enabling innovation for crypto builders. The kBTC ERC-20 smart contract has been audited by Trail of Bits to ensure security against vulnerabilities.
Founded in 2011, Kraken has positioned itself as a significant player in the cryptocurrency exchange landscape. Despite facing challenges, including regulatory scrutiny, the company remains committed to innovation and user engagement. The launch of kBTC highlights Kraken's dedication to providing users with diverse on-chain portfolio options as the political climate around cryptocurrency in the U.S. begins to shift positively.
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