Crypto exchange Kraken has launched a tokenized version of Bitcoin, known as Kraken Wrapped Bitcoin (kBTC).
This token represents the equivalent amount of BTC held by Kraken, backed 1:1. It is built on the Ethereum network and can also be used on other networks, such as OP Mainnet.
Kraken believes kBTC will increase the use and potential of Bitcoin and contribute to the development of the crypto ecosystem in general.
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The BTC backing kBTC is held securely at Kraken Financial, a special purpose depository institution incorporated in Wyoming.
The kBTC smart contract has been thoroughly audited by a reputable security firm known for its work on large projects such as Worldcoin.