Ethereum

Wrapped Bitcoin

Bitcoin

DeFi

Base

<div class="intro-text">
 The competition in the Wrapped Bitcoin (WBTC) space is intensifying, with major crypto platforms launching their own products to cater to DeFi and institutional users. U.S.-based exchange Kraken has just unveiled its version, kBTC, following Coinbase’s recent debut of cBTC.
</div>
<a href="https://blog.kraken.com/news/kbtc" rel="noopener noreferrer nofollow">In a blog post published today, October 17,</a> Kraken announced that the Ethereum-based is fully backed 1:1 by Bitcoin held in Kraken Financial, its&nbsp; Wyoming-chartered depository subsidiary. It emphasised its commitment to transparency, stating that clients can verify the reserves anytime by checking them on-chain.
The announcement also highlighted that kBTC holders could use the token not only on Ethereum but also in dApps via interoperability with OP Mainnet (formerly known as Optimism).
Kraken added that the New York-based blockchain cybersecurity firm Trail of Bits conducted an audit of the kBTC’s ERC-20 smart contract. The audit involved a thorough review of the codebase and client architecture to identify and resolve any potential security risks.
Coinbase <a href="https://defi-planet.com/2024/09/coinbase-launches-its-wrapped-bitcoin-product-cbbtc/" rel="noopener noreferrer nofollow">debuted </a>its Wrapped Bitcoin, “cBTC,” on both Ethereum and Base last month. The exchange claimed the new ERC-20 token enhances Bitcoin’s utility within the DeFi ecosystem by enabling its users to interact seamlessly with Ethereum-based dApps.&nbsp;
Coinbase guaranteed full redeemability for Bitcoin and smooth conversion for the token users. It also noted plans to expand cbBTC’s availability to other blockchains in the near future.
Similarly, on September 3, 21.co, the parent company of 21Shares, <a href="https://defi-planet.com/2024/09/21-co-launches-its-wrapped-bitcoin-product-21btc-on-ethereum/" rel="noopener noreferrer nofollow">launched </a>21BTC on Ethereum in partnership with Flow Traders. According to the firm, the wrapped Bitcoin token was designed for institutional-grade security, and it eliminates the need for traditional “lock-and-mint” bridges because its underlying Bitcoin is stored in cold storage.&nbsp;
Eliezer Ndinga, Head of Strategy and Business Development for Digital Assets at the firm, emphasised the company’s commitment to applying rigorous asset management practices used in their crypto exchange-traded products to wrapped crypto assets. He noted that users desire greater liquidity while needing assurance that their wrapped assets are secured to the highest standards.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/10/kraken-enters-wrapped-bitcoin-race-with-launch-of-kbtc-on-ethereum/" rel="noopener noreferrer nofollow">Kraken Enters Wrapped Bitcoin Race with Launch of “kBTC” on Ethereum</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Kraken Enters Wrapped Bitcoin Race with Launch of “kBTC” on Ethereum

DeFi Planet

Other articles published on Oct 17, 2024

FLOKI’s Valhalla Welcomes Hafthor Björnsson, “The Mountain” from Game of Thrones, as Official Amb...

Ripple SEC Lawsuit Update: Appeals Continue to Process as Normal

Hyve launches data availability protocol, promises high throughput

Ireland drafting urgent crypto laws before EU money-laundering rules

BONK and MOG Mark Significant Gains – Which One Will Lead Higher in the Dog vs. Cat Race?

New Statement from the President of the Central Bank of Russia on Bitcoin and Cryptocurrency Paym...

Join our free newsletter for daily crypto updates!