{"id":96754,"date":"2024-10-17T10:38:24","date_gmt":"2024-10-17T14:38:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=96754"},"modified":"2024-10-17T10:40:03","modified_gmt":"2024-10-17T14:40:03","slug":"kraken-releases-wrapped-bitcoin-kbtc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kraken-releases-wrapped-bitcoin-kbtc\/","title":{"rendered":"Kraken Releases Wrapped Bitcoin kBTC To Boost\u00a0BTC Adoption"},"content":{"rendered":"\n

Kraken launches Wrapped Bitcoin (kBTC), an ERC-20 token entirely backed by Bitcoin, to increase adoption and utility on decentralized finance (DeFi)<\/a> platforms.<\/p>\n\n\n\n

\"Kraken<\/figure>\n\n\n\n

Kraken, a leading crypto exchange, has recently introduced Wrapped Bitcoin (kBTC), a new ERC-20 token, generating optimism in the market. <\/p>\n\n\n\n

This token aims to expand Bitcoin\u2019s utility by allowing it to be used across decentralized finance (DeFi) platforms. <\/p>\n\n\n\n

Kraken\u2019s kBTC is fully backed 1:1 by Bitcoin, securely held in the exchange\u2019s custody solution.<\/p>\n\n\n\n

Kraken Launches kBTC Sparking Market Optimism<\/h2>\n\n\n\n

Kraken, the major cryptocurrency exchange, recently announced\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> the debut of Wrapped Bitcoin (kBTC), which will increase BTC's market appeal.<\/p>\n\n\n\n

The launch is expected to enhance Bitcoin's value on blockchain networks such as Ethereum and OP Mainnet, a former version of Optimism. <\/p>\n\n\n\n

As an ERC-20 token, kBTC will enable BTC to be utilized on DeFi platforms, boosting its utility beyond being merely a store of value. <\/p>\n\n\n\n

Kraken emphasizes that the product is designed to leverage Bitcoin's core attributes, such as security and scarcity, while seamlessly integrating it into DeFi. <\/p>\n\n\n\n

Additionally, the smart contract behind kBTC has been thoroughly audited by Trial of Bits, reinforcing user safety.<\/p>\n\n\n\n

Kraken ensures that users can verify kBTC on-chain at any time, increasing confidence in the token's legitimacy. <\/p>\n\n\n\n

Wrapped Bitcoin tokens, like kBTC, offer the opportunity to trade, lend, or use BTC as collateral on DeFi platforms, a capability previously unavailable on these networks.<\/p>\n\n\n\n

Wrapped BTC Competition Rises<\/h2>\n\n\n\n

Kraken\u2019s move follows closely behind Coinbase\u2019s launch<\/a> of its own Wrapped Bitcoin token, cbBTC. <\/p>\n\n\n\n

As major exchanges aim to strengthen Bitcoin\u2019s role in DeFi, these wrapped tokens provide users with greater flexibility in managing their BTC holdings. <\/p>\n\n\n\n

While tokens like WBTC already hold a significant market share, Kraken hopes to differentiate kBTC through transparent and secure backing, further reinforcing BTC's position in the DeFi space.<\/p>\n\n\n\n

This development comes amid increasing institutional interest in Bitcoin, highlighted by the US Bitcoin Spot ETF, which has seen over $20 billion in inflows, and BlackRock\u2019s recent acquisition of 5,805 BTC in a single day. <\/p>\n\n\n\n

Additionally, Bitcoin recently reached $68,000, reflecting growing market confidence in the cryptocurrency.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Kraken launches Wrapped Bitcoin (kBTC), an ERC-20 token entirely backed by Bitcoin, to increase adoption and utility on decentralized finance (DeFi) platforms. Kraken, a leading crypto exchange, has recently introduced Wrapped Bitcoin (kBTC), a new ERC-20 token, generating optimism in the market. This token aims to expand Bitcoin\u2019s utility by allowing it to be used […]<\/p>\n","protected":false},"author":56,"featured_media":96756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17807,1671,9978],"class_list":["post-96754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-btc-price","tag-kraken","tag-wrapped-bitcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/Kraken-Releases-Wrapped-Bitcoin-kBTC-To-Boost-BTC-Adoption.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=96754"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/96756"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=96754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=96754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=96754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}