Cryptocurrency trading platform Kraken has unveiled its proprietary version of Bitcoin, labelled Kraken Wrapped Bitcoin (kBTC), which directly symbolizes the Bitcoin held in its safekeeping. The announcement was formalized on October 17, with the company revealing that kBTC is a 1:1 token supported by an equivalent quantity of Bitcoin in Kraken’s custody.
The newly minted ERC-20 token can synergize with various networks such as Ethereum and the OP Mainnet, also known as Optimism. Additionally, Kraken has confirmed that the token can be utilized within decentralized applications (DApps).
Emphasizing the integral qualities of kBTC, Kraken highlighted the benefits of being able to bring Bitcoin’s power to new networks. This innovation is backed by the trust and security prowess that the platform has cultivated over the past 10 years. The company expressed confidence that this development not only enhances Bitcoin’s central role in the crypto world, but it also provides the crypto development community with fresh opportunities to leverage the use of Bitcoin, thereby propelling the entire crypto ecosystem forward.