Kraken Launches kBTC: A Wrapped Bitcoin Token Interoperable With Ethereum and OP Mainnet

Kraken has announced the launch of Kraken Bitcoin (kBTC), a wrapped Bitcoin token fully backed and custodied by the crypto exchange. This ERC-20 token is designed to be compatible with decentralized applications across networks like Ethereum and OP Mainnet, with plans to expand to non-EVM ecosystems.

The token is held at Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution. An independent security audit by Trail of Bits confirmed the robustness of kBTC's smart contract.

With backing from Paraswap, Yearn, Gauntlet, deBridge, and Definitive, kBTC aims to enhance Bitcoin's utility and drive innovation within the DeFi space.