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Kraken Launches kBTC, a Fully Backed ERC-20 Wrapped Bitcoin with On-Chain Verification on Ethereum and Optimism

Oct 17, 2024, 12:38 PM

Kraken, the cryptocurrency exchange serving over 10 million users worldwide, has launched its own wrapped Bitcoin token called kBTC. The ERC-20 token is fully backed 1:1 by Bitcoin held securely and transparently by Kraken, with backing verifiable through on-chain verification. kBTC is designed for cross-network compatibility and will be available on the Ethereum network and Optimism Mainnet, bringing Bitcoin liquidity to the Ethereum ecosystem. The introduction of kBTC offers more possibilities and functionality for users seeking to utilize Bitcoin within the Ethereum ecosystem.