Cryptocurrency exchange Kraken announced on Thursday the launch of a wrapped Bitcoin called Kraken Wrapped Bitcoin (kBTC). This is a cross-network compatible ERC20 token that is fully backed by Bitcoin held in custody by Kraken.
Kraken stated that through interoperability with the Ethereum blockchain and the Layer 2 network OP Mainnet (formerly known as Optimism), users can use kBTC on decentralized applications (dApps). The announced partners for this initiative include deBridge, Definitive, Gauntlet, ParaSwap, and Yearn. The company also plans to expand this wrapped token to other networks, including non-EVM ecosystems.
According to the announcement, the ERC-20 smart contract of kBTC has been evaluated by the external security auditing firm Trail of Bits. Kraken has also made the on-chain reserve address of the token publicly available for immediate verification by users.
Prior to this, the US cryptocurrency exchange Coinbase also announced the launch of its own wrapped Bitcoin called Coinbase Wrapped BTC (cbBTC) in September. Its market value has reached $442 million, while Wrapped Bitcoin (WBTC) recently raised concerns in the community with a market value of $10 billion.
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