Kraken Launches kBTC, a Fully Backed ERC-20 Wrapped Bitcoin Token on Ethereum and OP

Oct 17, 2024, 12:17 PM

Kraken, a cryptocurrency exchange, has launched its own wrapped Bitcoin token, kBTC. The kBTC token is an ERC-20 token fully backed 1:1 by Bitcoin and held securely and custodied by Kraken. This new token aims to provide more possibilities, functionality, and transparency for users. The kBTC token will be available on Ethereum and OP mainnet, allowing for cross-network compatibility. Users can verify the backing of each kBTC token on-chain, ensuring transparency and security.