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The second largest US-based crypto change by buying and selling quantity is launching a brand new 1:1 Bitcoin (BTC)-pegged token.
Based on a brand new announcement, Kraken simply dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token totally backed by the change.
“We’re thrilled to launch Kraken Bitcoin (kBTC), a completely backed, cross-network-compatible ERC-20 illustration of Bitcoin custodied by Kraken…
kBTC is a completely backed, cross-network-compatible ERC-20 token. Every kBTC token is totally backed 1:1 by an equal quantity of Bitcoin and held securely in Kraken’s custody.”
Based on Kraken, the Ethereum (ETH)-based BTC equal might be obtainable to be used in decentralized purposes (dApps) and might be interoperable on Ethereum and OP Mainnet (OP), previously generally known as Optimism. Kraken additionally plans to increase kBTC’s capabilities to different layer-1 networks, together with non-EVM-based crypto ecosystems.
Based on Kraken, the brand new token will assist develop and lengthen the way forward for BTC.
“With kBTC, we’re bringing the ability of Bitcoin to new networks, underpinned by the belief and safety experience Kraken has established during the last decade. We imagine kBTC reinforces Bitcoin’s place because the epicenter of crypto, empowers crypto builders to discover new methods to make use of Bitcoin, and pushes the whole ecosystem ahead.”
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Featured Picture: Shutterstock/Quanrong Huang/Chuenmanuse
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