PANews reported on October 17 that according to the official blog, Kraken launched a new wrapped Bitcoin product, kBTC, which is a cross-network compatible ERC-20 token fully managed by Kraken. kBTC is 1:1 supported by Bitcoin and can be used in decentralized applications such as DeFi, expanding the application scenarios of Bitcoin through interoperability with networks such as Ethereum and OP Mainnet. Kraken emphasizes its best custody process and transparency, and users can verify the reserves of kBTC on the chain at any time.