Wrapped Bitcoin by Kraken: How It’s Revolutionizing DeFi
Kraken has launched KBTC, a wrapped Bitcoin product fully backed 1:1 by Bitcoin, designed to expand Bitcoin’s use in decentralized finance (DeFi).
KBTC is an ERC20 token compatible with Ethereum and OP Mainnet, allowing Bitcoin to interact with decentralized applications. Each KBTC token is backed by Bitcoin held in Kraken’s custody, with reserves verifiable on-chain.
By integrating Bitcoin into DeFi, Kraken enables users to leverage it in lending, borrowing, and other financial activities. Built on Kraken’s secure infrastructure, KBTC underwent an audit by Trail of Bits to ensure the protection of users’ assets.
Clever Robot News Desk 18th October 2024
