Kraken announced the launch of its own wrapped Bitcoin token custodied by the crypto exchange.<\/p>\n
Dubbed \u2018Kraken Bitcoin (kBTC),\u2019 the new product is a fully backed, cross-network-compatible ERC-20 representation of Bitcoin.<\/p>\n
According to the official blog post<\/a>, kBTC is held at the cryptocurrency exchange\u2019s Wyoming-chartered Special Purpose Depository Institution (SPDI) \u2013 Kraken Financial.<\/p>\n kBTC is designed to interact with decentralized applications by being compatible with networks such as Ethereum and OP Mainnet. Going forward, Kraken plans to expand the token\u2019s compatibility to other networks, including non-EVM ecosystems.<\/p>\n Kraken said that an independent security auditing company called \u201cTrail of Bits\u201d conducted a thorough assessment of the kBTC ERC-20 smart contract. kBTC is said to have completed the audit, which included an in-depth review of its codebase and client architecture to uncover and flag any potential security bugs.<\/p>\n At the time of its launch, kBTC will have backing from Paraswap, Yearn, Gauntlet, deBridge, and Definitive.<\/p>\n \u201cWith kBTC, we\u2019re bringing the power of Bitcoin to new networks, underpinned by the trust and security expertise Kraken has established over the last decade. We believe kBTC reinforces Bitcoin\u2019s position as the epicenter of crypto, empowers crypto builders to explore new ways to use Bitcoin, and pushes the entire ecosystem forward.\u201d<\/p>\n Interestingly, the latest development comes a month after another US-based crypto trading platform, Coinbase, launched<\/a> its Wrapped Bitcoin product (cbBTC) on Base and Ethereum.<\/p>\n The post Kraken Launches kBTC: A Wrapped Bitcoin Token Interoperable With Ethereum and OP Mainnet<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Kraken announced the launch of its own wrapped Bitcoin token custodied by the crypto exchange. Dubbed \u2018Kraken Bitcoin (kBTC),\u2019 the new product is a fully backed, cross-network-compatible ERC-20 representation of Bitcoin. According to the official blog post, kBTC is held at the cryptocurrency exchange\u2019s Wyoming-chartered Special Purpose Depository Institution (SPDI) \u2013 Kraken Financial. kBTC is […]<\/p>\n","protected":false},"author":0,"featured_media":14558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14557"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14557"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/14558"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}