A wrapped Bitcoin token interoperable with Ethereum and OP Mainnet

Kraken announced the launch of its own wrapped Bitcoin token guarded by the crypto exchange.

Called “Kraken Bitcoin (kBTC)”, the new product is an ERC-20 representation of Bitcoin that is fully supported and compatible with different networks.

According to the official blog post, kBTC is held at the Wyoming Special Purpose Depository Institution (SPDI) of the cryptocurrency exchange – Kraken Financial.

kBTC is designed to interact with decentralized applications by being compatible with networks such as Ethereum and OP Mainnet. In the future, Kraken plans to expand token support to other networks, including non-EVM ecosystems.

Kraken said that an independent security audit firm called “Trail of Bits” conducted a thorough evaluation of the kBTC ERC-20 smart contract. kBTC is said to have completed the audit, which included an in-depth review of its code base and client architecture to uncover and flag any potential security flaws.

At launch, kBTC will be supported by Paraswap, Yearn, Gauntlet, deBridge and Definitive.

“With kBTC, we are bringing the power of Bitcoin to new networks, backed by the trust and security expertise that Kraken has established over the last decade. We believe that kBTC strengthens Bitcoin’s position as the epicenter of cryptography, enables Crypto builders explore new ways to use Bitcoin and propel the entire ecosystem forward.

Interestingly, the latest development comes a month after another US-based crypto trading platform, Coinbase, launched its Wrapped Bitcoin (cbBTC) product on Base and Ethereum.

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