New Wrapped Bitcoin Token (kBTC) Released by Kraken for Cross-Network Use

Kraken, the second-largest US-based crypto exchange, has launched a new token called Kraken Wrapped Bitcoin (kBTC). This ERC-20 token is fully backed by Bitcoin, offering a 1:1 peg with BTC. The exchange is introducing kBTC to broaden Bitcoin’s use across decentralized applications (dApps) and other networks.

Expanding Bitcoin’s Reach Through kBTC

Kraken’s latest move aims to bridge Bitcoin with Ethereum-based decentralized ecosystems. According to Kraken’s official statement, “kBTC is a fully backed, cross-network-compatible ERC-20 representation of Bitcoin custodied by Kraken.” This token will allow Bitcoin users to interact seamlessly with decentralized applications on Ethereum and OP Mainnet, formerly known as Optimism. The exchange plans to further expand kBTC’s functionality to additional layer-1 networks, including non-EVM-based platforms.

The introduction of kBTC signifies Kraken’s intent to extend Bitcoin’s influence into new crypto environments. Kraken highlighted that kBTC would allow users to experience Bitcoin’s value in more innovative and versatile ways.

A New Era for Bitcoin in Decentralized Ecosystems

Kraken envisions kBTC as a key element in pushing Bitcoin’s integration into the broader crypto space. The exchange emphasized the importance of Bitcoin in their strategy: “With kBTC, we’re bringing the power of Bitcoin to new networks, underpinned by the trust and security expertise Kraken has established over the last decade.”

By introducing this wrapped token, Kraken aims to empower developers and crypto enthusiasts to leverage Bitcoin in more creative ways while maintaining the reliability and trust the exchange is known for. As Kraken continues to build upon Bitcoin’s foundational role in the cryptocurrency landscape, it reinforces Bitcoin’s significance as the “epicenter of crypto.”