Kraken announced the launch of its own wrapped bitcoin token escrowded by the crypto exchange.
Dubbed 'Kraken bitcoin (kBTC)', the new product is a fully supported and cross-network compatible ERC-20 representation of bitcoin.
According to the official blog postkBTC is held at the Wyoming-chartered Special Purpose Depository Institution (SPDI) of cryptocurrency exchange: Kraken Financial.
kBTC is designed to interact with decentralized applications by being compatible with networks such as ethereum and OP Mainnet. In the future, Kraken plans to expand the token's support to other networks, including non-EVM ecosystems.
Kraken said that an independent security auditing company called “Trail of Bits” conducted a thorough evaluation of the kBTC ERC-20 smart contract. kBTC is said to have completed the audit, which included an in-depth review of its codebase and client architecture to uncover and flag potential security flaws.
At launch, kBTC will be backed by Paraswap, Yearn, Gauntlet, deBridge, and Definitive.
“With kBTC, we are bringing the power of bitcoin to new networks, backed by the trust and security expertise that Kraken has established over the last decade. “We believe kBTC reinforces bitcoin’s position as the epicenter of cryptocurrencies, allows cryptocurrency creators to explore new ways to use bitcoin, and drives the entire ecosystem forward.”
Interestingly, the latest development comes a month after another US-based crypto trading platform, Coinbase, launched its Wrapped bitcoin (cbBTC) product on Base and ethereum.
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