Ethereum

kBTC

Wrapped Bitcoin

Bitcoin

TRON

Crypto exchange Kraken has joined the race for dominance in the realm of Wrapped Bitcoins, unveiling its own Ethereum-based token, kBTC.
The landscape of <a href="https://crypto.news/tag/wrapped-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Wrapped Bitcoins</a> is becoming more crowded as U.S.-based crypto exchange <a href="https://crypto.news/tag/kraken/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a> has introduced its own Wrapped Bitcoin, just a month after its rival <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> made the same step.
In a <a href="https://blog.kraken.com/news/kbtc" target="_blank" rel="noopener noreferrer nofollow">blog announcement</a> on Thursday, Oct. 17, the San Francisco-based trading platform said the “kBTC” token is built on the <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> network, and “fully backed 1:1 by an equivalent amount of Bitcoin” held in Kraken Financial, a Wyoming-chartered depository institution. Kraken emphasized that “clients can verify this for themselves at any time by inspecting our reserves on-chain,” underscoring its commitment to transparency among competitors.
<h2 class="wp-block-heading" id="crypto-exchanges-compete-in-wrapped-bitcoin-battle">Crypto exchanges compete in Wrapped Bitcoin battle</h2>
In addition to Ethereum, kBTC holders can also use the token in decentralized applications through interoperability with OP Mainnet (formerly known as Optimism), the announcement said.
Kraken added that New York-headquartered blockchain cybersecurity firm Trail of Bits evaluated the kBTC ERC-20 smart contract, noting that the audit involved a “detailed examination of our codebase and client architecture, aimed at identifying and addressing any potential security vulnerabilities.”
The launch comes just a month after Coinbase <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-launches-cbbtc-a-wrapped-bitcoin-token/">debuted</a> its own Wrapped Bitcoin, called “cBTC,” available on both Ethereum and Base. Kraken’s move also follows increased scrutiny of Wrapped Bitcoin (wBTC) from BitGo, particularly after the firm partnered with Hong Kong’s BiT Global. This partnership <a rel="noopener noreferrer nofollow" href="https://crypto.news/sky-mulls-cutting-support-for-wbtc-over-justin-sun-affiliations/">raised concerns</a> in the crypto community about the potential shift of control over wBTC to an entity linked to TRON founder Justin Sun.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/21-co-and-crypto-com-team-up-to-improve-wrapped-bitcoin-liquidity/"> 21.co and Crypto.com team up to improve wrapped Bitcoin liquidity </a>

Kraken announces its own Wrapped Bitcoin on Ethereum

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