The second largest US-based crypto change by buying and selling quantity is launching a brand new 1:1 Bitcoin (BTC)-pegged token.
In line with a brand new announcement, Kraken simply dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token absolutely backed by the change.
“We’re thrilled to launch Kraken Bitcoin (kBTC), a totally backed, cross-network-compatible ERC-20 illustration of Bitcoin custodied by Kraken…
kBTC is a totally backed, cross-network-compatible ERC-20 token. Every kBTC token is absolutely backed 1:1 by an equal quantity of Bitcoin and held securely in Kraken’s custody.”
In line with Kraken, the Ethereum (ETH)-based BTC equal might be obtainable to be used in decentralized functions (dApps) and might be interoperable on Ethereum and OP Mainnet (OP), previously often known as Optimism. Kraken additionally plans to increase kBTC’s capabilities to different layer-1 networks, together with non-EVM-based crypto ecosystems.
In line with Kraken, the brand new token will assist increase and prolong the way forward for BTC.
“With kBTC, we’re bringing the ability of Bitcoin to new networks, underpinned by the belief and safety experience Kraken has established over the past decade. We imagine kBTC reinforces Bitcoin’s place because the epicenter of crypto, empowers crypto builders to discover new methods to make use of Bitcoin, and pushes your entire ecosystem ahead.”
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Featured Picture: Shutterstock/Quanrong Huang/Chuenmanuse
