Kraken Exchange launches Kraken Wrapped Bitcoin (kBTC)

Kraken Exchange unveils tokenized Bitcoin: kBTC is here

On October 17, cryptocurrency exchange Kraken announced the launch of its own tokenized version of Bitcoin called Kraken Wrapped Bitcoin (kBTC). This new token is backed 1:1 by actual Bitcoin holdings stored securely by Kraken. Currently, Bitcoin is valued at approximately $67,142.

How kBTC Works

Kraken's kBTC is designed as an ERC-20 token, which means it is compatible with various blockchain networks, including Ethereum and OP Mainnet (formerly known as Optimism). This interoperability allows users to engage with decentralized applications (DApps) while benefiting from the value of Bitcoin.

Kraken emphasized that with kBTC, they are expanding Bitcoin's reach into new networks. The exchange has built a strong reputation for trust and security over the past decade, which they believe will enhance the adoption and use of kBTC in the broader cryptocurrency ecosystem.

Empowering Crypto Builders

Kraken stated that kBTC aims to solidify Bitcoin's role as a central figure in the crypto world. By introducing this token, they hope to empower developers and innovators to explore new applications for Bitcoin, ultimately advancing the entire cryptocurrency landscape. The exchange's commitment to innovation and security positions kBTC as a valuable addition to the growing range of digital assets available to users.

Also Read: X Empire Stephen Hawking Video: A Story of Resilience