Kraken Alternate unveils tokenized Bitcoin: kBTC is right here
On October 17, cryptocurrency change Kraken introduced the launch of its personal tokenized model of Bitcoin referred to as Kraken Wrapped Bitcoin (kBTC). This new token is backed 1:1 by precise Bitcoin holdings saved securely by Kraken. At present, Bitcoin is valued at roughly $67,142.
How kBTC Works
Kraken’s kBTC is designed as an ERC-20 token, which implies it’s appropriate with numerous blockchain networks, together with Ethereum and OP Mainnet (previously often called Optimism). This interoperability permits customers to interact with decentralized functions (DApps) whereas benefiting from the worth of Bitcoin.
Kraken emphasised that with kBTC, they’re increasing Bitcoin’s attain into new networks. The change has constructed a powerful repute for belief and safety over the previous decade, which they imagine will improve the adoption and use of kBTC within the broader cryptocurrency ecosystem.
Empowering Crypto Builders
Kraken acknowledged that kBTC goals to solidify Bitcoin’s function as a central determine within the crypto world. By introducing this token, they hope to empower builders and innovators to discover new functions for Bitcoin, finally advancing the whole cryptocurrency panorama. The change’s dedication to innovation and safety positions kBTC as a worthwhile addition to the rising vary of digital belongings accessible to customers.
Additionally Learn: X Empire Stephen Hawking Video: A Story of Resilience