- Kraken’s kBTC is a 1:1 backed ERC-20 token, enhancing Bitcoin’s utility across Ethereum and OP Mainnet for DeFi users.
- With kBTC, Kraken leverages 13 years of expertise, ensuring secure, transparent access to Bitcoin in decentralized applications.
- Users can easily verify kBTC’s backing on-chain, fostering trust and confidence in using Bitcoin within the DeFi ecosystem.
Kraken Pro recently introduced kBTC, an ERC-20 token fully backed 1:1 by Bitcoin. This initiative aims to enhance Bitcoin’s functionality across various networks. Kraken emphasizes that kBTC is not just another wrapped token.
Instead, it is a reflection of nearly 13 years of leading the security and confinement industries. By offering a verified and secure on-chain asset, Kraken gives Bitcoin users additional options for utilizing their holdings within the decentralized finance ecosystem.
Bridging Bitcoin and DeFi
kBTC enables seamless integration with Ethereum and OP Mainnet. As a fully backed token, each kBTC is equivalent to one Bitcoin held securely in Kraken’s custody. Users can independently verify this backing through on-chain inspections. Furthermore, kBTC transforms Bitcoin’s utility. Users can engage in decentralized applications with the aid of this innovative token, broadening the scope of applications for Bitcoin.
Moreover, Kraken’s commitment to security shines through its rigorous full-reserve practices. Each kBTC is backed by Bitcoin and stored at Kraken Financial, a regulated Wyoming-chartered institution. This approach enhances user trust. Kraken encourages clients to inspect on-chain reserves, reinforcing transparency and security.
A Bright Future for kBTC
The launch of kBTC is expected to accelerate the adoption of DeFi. This new token will be supported by several blue-chip DeFi applications, including Yearn and ParaSwap. Consequently, developers can now enhance their dApps with Bitcoin’s unique value.
Additionally, Kraken’s strong security framework ensures users can confidently explore new financial opportunities. kBTC sets a precedent for future innovations in crypto. Kraken aims to extend compatibility to additional networks, including non-EVM ecosystems. This flexibility enhances kBTC’s potential impact across the blockchain.
The minimum deposit size for kBTC will be 0.00026 BTC, approximately $15 at a $60,000 Bitcoin price. However, no spot markets will support kBTC at launch. Users can redeem their Bitcoin for kBTC, allowing them to trade normally.
The post Kraken Pro Launches kBTC: A Fully-Backed Bitcoin Token Shaping the Future of DeFi appeared first on Crypto News Land.
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