Crypto Exchange Kraken Launches Wrapped Bitcoin Token kBTC
Summary
Kraken has launched a wrapped bitcoin token, kBTC, available on Ethereum and OP Mainnet, backed 1:1 by bitcoin. The bitcoin is stored in a segregated wallet at Kraken Financial, with the wallet address publicly accessible for transparency. Wrapped tokens facilitate trading, lending, and borrowing of unsupported crypto assets on DeFi platforms. kBTC will be supported by various DeFi applications, including Kraken Wallet, Yearn, and Curve. At launch, there will be no spot markets for kBTC; users can redeem their bitcoin for the underlying asset. The minimum deposit for kBTC is 0.00026 BTC, approximately $15 at a $60,000 bitcoin price. Kraken aims to enhance DeFi adoption through this initiative.
