Bitcoin

<a href="https://crypto-economy.com/kraken-exchange/" rel="noopener noreferrer nofollow">Kraken</a> has introduced kBTC, a new Wrapped Bitcoin designed for integration into the DeFi ecosystem.This ERC-20 token is backed 1:1 by real Bitcoin, securely held in a segregated wallet within Kraken Financial, a regulated U.S. custody solution.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1d543e202680472f8d5e076165ea6dbb.jpg" />Kraken emphasizes transparency, allowing users to verify on-chain that the Bitcoin backing <a href="https://blog.kraken.com/news/kbtc" rel="noopener noreferrer nofollow">kBTC</a> is fully reserved. The token is now available on Ethereum and OP Mainnet (formerly <a href="https://crypto-economy.com/optimism/" rel="noopener noreferrer nofollow">Optimism</a>).The goal of this launch is to promote DeFi adoption by enabling Bitcoin, which traditionally doesn&#39;t support decentralized applications, to be usable in such environments.Wrapped assets like kBTC allow non-native cryptocurrencies to be used in ecosystems based on smart contracts, expanding their utility beyond merely serving as a store of value. Among the platforms supporting kBTC from its launch are Paraswap, Yearn, Gauntlet, deBridge, and more.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7c9d1b8f47b9461b978173d3eaa4a56f.jpg" /><h2 id="header-0">KRAKEN COMPLETED IN-DEPTH AUDITS TO PROTECT ASSET SECURITY.</h2>Although kBTC will not have spot markets at launch, users can redeem it for Bitcoin at any time. Kraken&#39;s security infrastructure, with over 13 years of experience, provides a secure environment for kBTC. The smart contract managing kBTC was rigorously audited by the security firm Trail of Bits.The launch of kBTC aligns with trends followed by other major platforms like BitGo and Coinbase, which have introduced their own Wrapped Bitcoin. Kraken aims to solidify its position in DeFi by facilitating Bitcoin’s entry into these markets.

Kraken Introduces kBTC Wrapped Bitcoin on Ethereum and Optimism Networks.

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