Kraken Launches kBTC Wrapped Bitcoin Sparking Market Optimism

The leading crypto exchange, Kraken recently announced the launch of Wrapped Bitcoin, kBTC, boosting BTC's appeal in the market.

Crypto exchange Kraken has announced the launch of Wrapped Bitcoin (kBTC), a new ERC-20 token that will be fully backed 1:1 by Bitcoin and will spark market optimism.

Kraken Launches kBTC, Boosting BTC’s Appeal in the Market

Crypto exchange Kraken recently announced the launch of Wrapped Bitcoin (kBTC), boosting Bitcoin’s (BTC) appeal in the market. The launch will bring BTC’s value into blockchain networks like Ethereum and OP Mainnet, a former version of Optimism.

This ERC-20 token will allow BTC to be used on decentralized finance (DeFi) platforms, enhancing the crypto’s utility beyond its traditional role as a store of value. The product is fully backed 1:1 by BTC and is stored in Kraken’s US-based custody solution, highlighting a focus on security and transparency.

The exchange noted that the new product is designed to maximize BTC’s strengths, such as its security and scarcity, while also enabling it to integrate into DeFi seamlessly. The smart contract behind kBTC also underwent a strict audit by Trial of Bits, ensuring users’ safety.

According to the update, users can also verify kBTC on-chain at any time, which will enhance market confidence in the token’s legitimacy.

Wrapped Bitcoin tokens, such as kBTC, enable BTC to be traded, lent, or used as collateral on DeFi platforms, a feature that was previously unavailable on these networks.

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