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