Kraken Wrapped Bitcoin (kBTC) is a token launched by the Kraken trading platform.
kBTC represents a tokenized version of Bitcoin,
where each unit of kBTC is backed by an equivalent amount of real Bitcoin held by Kraken in custody.
This token enables Bitcoin to be used in decentralized finance (DeFi) applications and on other blockchains such as Ethereum and OP Mainnet,
which increases the flexibility of Bitcoin and allows users to take advantage of features such as smart contracts and decentralized applications without having to convert Bitcoin into other currencies.
