Crypto exchange Kraken pushed deeper into the realm of decentralized finance (DeFi) Thursday, launching a wrapped Bitcoin product to compete within Ethereum’s ecosystem.
Dubbed kBTC, the Bitcoin-backed digital asset will take the form of an ERC-20 token, mirroring BitGo’s long-running and market-leading Wrapped Bitcoin (WBTC), which has a $10 billion market cap. But that won’t be Kraken’s only on-chain rival, with wrapped Bitcoin products launched by Coinbase (cbBTC) and 21.co (21BTC) last month.
In an announcement, Kraken highlighted what it said is a commitment to transparency, stating its token will feature on-chain reserves. An associated Bitcoin address at Kraken Financial, a special purpose depository institution (SPDI), indeed contains 100 Bitcoin worth approximately $6.7 million.
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Author: André Beganski
