{"id":814147,"date":"2024-12-23T01:23:33","date_gmt":"2024-12-23T07:23:33","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/23\/kraken-launches-wrapped-bitcoin-token\/"},"modified":"2024-12-23T01:23:33","modified_gmt":"2024-12-23T07:23:33","slug":"kraken-launches-wrapped-bitcoin-token","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/23\/kraken-launches-wrapped-bitcoin-token\/","title":{"rendered":"Kraken Launches Wrapped Bitcoin Token"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/41169a86822e6585e2f87627f7d7ef3a?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/mahu_bs\" title=\"Posts by Mark Hunter\" rel=\"author\">Mark Hunter<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>2 months ago<span>Sun Oct 20 2024 07:41:35<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2024\/10\/Kraken-Launches-Wrapped-Bitcoin-Token.png\" alt=\"bitcoins Kraken-Launches-Wrapped-Bitcoin-Token\" title decoding=\"async\" fetchpriority=\"high\" data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2024\/10\/Kraken-Launches-Wrapped-Bitcoin-Token.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span> 2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>Kraken has launched kBTC, a wrapped Bitcoin token<\/span><\/li>\n<li aria-level=\"1\"><span>kBTC is fully backed 1:1 by Bitcoin and is available on Ethereum and Optimism networks<\/span><\/li>\n<li aria-level=\"1\"><span>The token allows users to engage in decentralized finance (DeFi) applications, enabling seamless interaction with decentralized apps (dApps) across different ecosystems<\/span><\/li>\n<\/ul>\n<p><span>Crypto OG exchange Kraken has introduced kBTC, a wrapped <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-essentials-an-overview-of-bitcoin\"><span>Bitcoin<\/span><\/a><span> token that is pegged 1:1 to Bitcoin. Available on Ethereum and Optimism networks, the ERC-20-based token is aimed at bridging Bitcoin\u2019s vast liquidity into the decentralized finance (DeFi) space, allowing users to leverage Bitcoin\u2019s value in decentralized applications (dApps). This launch is part of Kraken\u2019s strategy to enhance Bitcoin\u2019s accessibility within the DeFi ecosystem five years after the first wrapped Bitcoins came onto the market.<\/span><\/p>\n<h2>Bitcoins <span>Bringing BTC to DeFi<\/span><\/h2>\n<p><span>Kraken announced kBTC in a <\/span><a href=\"https:\/\/blog.kraken.com\/news\/kbtc\" target=\"_blank\" rel=\"nofollow noopener\"><span>press release<\/span><\/a><span> yesterday, noting that the token will be fully backed by Bitcoin reserves held in Kraken\u2019s custody, providing users with the transparency and security they expect from the platform. \u201cWe\u2019re thrilled to launch kBTC, a token that combines the security and trust Kraken has built over the past decade with the power of Bitcoin in the DeFi world,\u201d Kraken stated in its press release.<\/span><\/p>\n<p><span>Kraken aims to position kBTC as a key player in the growing market for wrapped Bitcoin tokens, which also includes competitors like WBTC, cbBTC, and 21BTC. These tokens allow Bitcoin holders to engage in blockchain ecosystems outside of Bitcoin\u2019s own network, making use of faster <\/span><a href=\"https:\/\/fullycrypto.com\/blockchain-news\"><span>blockchains<\/span><\/a><span> and increased utility. According to Kraken, kBTC will offer additional cross-network compatibility as the platform looks to expand into other crypto ecosystems beyond Ethereum.<\/span><\/p>\n<h2>Bitcoins <span>Wrapped Bitcoin Concept Now Five Years Old<\/span><\/h2>\n<p><span>Kraken says that its broader goal with kBTC is to give developers and users new ways to incorporate Bitcoin into smart contracts, DeFi, and other Web3 applications, emphasizing the token\u2019s potential to \u201cpush the entire ecosystem forward\u201d and reinforce Bitcoin\u2019s standing as the cornerstone of cryptocurrency innovation.<\/span><\/p>\n<p><span>The first wrapped Bitcoin was WBTC, a joint venture between several entities, including BitGo, Kyber Network, and Ren, which <\/span><a href=\"https:\/\/fullycrypto.com\/wbtc-brings-bitcoin-to-the-ethereum-blockchain-confused\"><span>launched in January 2019<\/span><\/a><span>.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p> Mark Hunter <a href=\"https:\/\/fullycrypto.com\/kraken-launches-wrapped-bitcoin-token?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=kraken-launches-wrapped-bitcoin-token\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mark Hunter 2 months agoSun Oct 20 2024 07:41:35 Reading Time: 2 minutes Kraken has launched kBTC, a wrapped Bitcoin token kBTC is fully backed 1:1 by Bitcoin and is available on Ethereum and Optimism networks The token allows users to engage in decentralized finance (DeFi) applications, enabling seamless interaction with decentralized apps (dApps)<\/p>\n","protected":false},"author":1,"featured_media":814148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38717,2432],"tags":[11476],"class_list":{"0":"post-814147","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kraken","8":"category-launches","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/814147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=814147"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/814147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/814148"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=814147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=814147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=814147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}