Kraken
October 17, 2024
Kraken Unicorn News - October 17, 2024
Kraken has introduced a new wrapped Bitcoin product, kBTC, an ERC-20 token fully backed by Bitcoin, aimed at boosting participation in the decentralized finance (DeFi) sector within Ethereum’s ecosystem. The product emphasizes transparency with verifiable on-chain reserves.
() Introduction
() Kraken Unveils New Wrapped Bitcoin Product, kBTC, Amidst Industry Competition
Kraken has introduced a new financial product called kBTC, a wrapped Bitcoin token that operates as an ERC-20 token on the Ethereum blockchain. This product is fully backed by Bitcoin, with the aim of facilitating greater involvement in decentralized finance (DeFi) activities within the Ethereum ecosystem. Kraken is prioritizing transparency with kBTC, allowing for the verification of on-chain reserves at any time to ensure that each token is indeed backed by Bitcoin. The reserves are managed by Kraken Financial, a special purpose depository institution that is regulated under Wyoming law, which provides an additional layer of security and trust. This initiative is a strategic move by Kraken to strengthen its foothold in the DeFi sector, leveraging Wyoming's regulatory environment to enhance its reputation as a trustworthy entity in the rapidly expanding DeFi market. The introduction of kBTC is expected to have significant implications for both the DeFi landscape and Kraken's competitive positioning within it.
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