Kraken has recently unveiled kBTC, a new wrapped Bitcoin offering, to capitalize on the expanding sector. Each kBTC token is fully backed by Bitcoin at a 1:1 ratio and stored securely by Kraken. The launch partners for kBTC include deBridge, Definitive, Gauntlet, ParaSwap, and Yearn. This move by Kraken aligns with their goal of promoting global crypto adoption and expanding Bitcoin's utility in DeFi and other blockchain ecosystems. The total supply of kBTC currently stands at 100 BTC, valued at around $6.75 million, with 80 kBTC circulating on Ethereum and 20 kBTC on the OP Mainnet. Kraken's entry into the wrapped Bitcoin market comes amidst increasing competition, particularly from BitGo's Wrapped Bitcoin. Other players like Coinbase and 21.co have also introduced their own wrapped Bitcoin products. The surge in wrapped Bitcoin offerings follows a controversial partnership involving BitGo and Tron founder Justin Sun, leading to some DeFi protocols considering discontinuing support for WBTC. Read more AI-generated news on: https://app.chaingpt.org/news

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