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17 October, 2024

Kraken Debuts kBTC: Wrapped Bitcoin for Ethereum and OP Mainnet

17 October, 2024

Kraken Introduces kBTC: Wrapped Bitcoin for Seamless Cross-Chain Transactions

Kraken, the leading cryptocurrency exchange, has announced the launch of its wrapped Bitcoin token, kBTC. This innovative asset will enable users to seamlessly bridge the gap between Bitcoin and Ethereum, as well as the Optimism (OP) network, unlocking new possibilities for decentralized finance (DeFi) and cross-chain applications.

kBTC is backed by a 1:1 ratio of actual Bitcoin, ensuring its value remains pegged to the underlying asset. This means that for every kBTC token in circulation, there is one Bitcoin held in reserve by Kraken.

The availability of kBTC on both Ethereum and OP Mainnet opens up a world of opportunities for users. They can now utilize Bitcoin’s security and stability within the vibrant DeFi ecosystem of Ethereum, while also benefiting from OP Mainnet’s lower transaction fees and faster speeds.

Kraken’s introduction of kBTC further solidifies its position as a leading innovator in the crypto space, providing its users with cutting-edge solutions that enhance their trading and DeFi experiences.