Just-In: Kraken Rolls Out Wrapped Bitcoin kBTC To Boost BTC Adoption

In a recent update, the leading crypto exchange Kraken has announced the launch of Wrapped Bitcoin, kBTC, sparking market optimism. This new ERC-20 token is expected to boost the BTC’s utility across decentralized finance (DeFi) platforms. Besides, it also comes after another top exchange, Coinbase, has launched its Wrapped BTC cbBTC.

Notably, this Wrapped BTC will be fully backed 1:1 by Bitcoin, securely stored in the exchange’s custody solution.

Kraken Launches kBTC Sparking Market Optimism

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

Notably, this ERC-20 token would allow BTC to be used on DeFi platforms. It could enhance the utility of the crypto beyond its traditional role as a store of value. Notably, the product, which is fully backed 1:1 by BTC held in Kraken’s US-based custody solution, from one of the top crypto exchanges comes with an added focus on security and transparency.

The post Just-In: Kraken Rolls Out Wrapped Bitcoin kBTC To Boost BTC Adoption appeared first on CoinGape.