According to Kraken, kBTC reinforces Bitcoin’s position as the “epicenter of crypto” and empowers developers to explore new ways to use BTC.
Cryptocurrency exchange Kraken has launched its own tokenized version of Bitcoin representing BTC holdings stored by the company.
On Oct. 17, Kraken officially introduced Kraken Wrapped Bitcoin (kBTC), a token backed 1:1 by an equivalent amount of Bitcoin (BTC) held in Kraken’s custody.
The new ERC-20 token is interoperable with networks, including Ethereum and OP Mainnet (formerly Optimism), and can be used in decentralized applications (DApps), Kraken said.
