Kraken launches kBTC as competition heats up in wrapped Bitcoin market
Kraken launches kBTC as competition heats up in wrapped Bitcoin market Kraken launches kBTC as competition heats up in wrapped Bitcoin market
Kraken's kBTC has spherical 100 tokens in supply, with the bulk held on the Ethereum blockchain.
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Kraken has presented a novel wrapped Bitcoin product, kBTC, to tap into the rapid increasing sector, in step with an Oct. 17 commentary.
kBTC is a completely-backed, immoral-community-acceptable ERC-20 token representing Bitcoin. Every kBTC is backed 1:1 by an identical quantity of Bitcoin, stored securely in Kraken’s custody, with on-chain reserves readily accessible for public verification. The token has passed thru audits by the protection agency Experience of Bits.
Kraken emphasized that the launch of kBTC aligns with its mission to promote world crypto adoption. The product leverages Bitcoin’s strengths whereas increasing its dispute cases into DeFi and other blockchain ecosystems. The agency’s launch companions consist of deBridge, Definitive, Gauntlet, ParaSwap, and Yearn.
Kraken acknowledged:
“kBTC offers a stable, fully-backed resolution that unlocks Bitcoinâs unparalleled label and attainable across a diverse range of ecosystems.”
kBTC will even be aged across decentralized functions (dApps) thru its compatibility with networks fancy Ethereum and OP Mainnet. Kraken also plans to prolong its compatibility to other blockchain ecosystems, along side non-EVM networks.
The most modern on-chain knowledge reveals the overall supply of kBTC is 100 BTC, valued at approximately $6.75 million. Of this, 80 kBTC is circulating on the Ethereum community, held by 17 wallets, whereas the final 20 kBTC resides on the OP Mainnet, with 11 holders.
Rising competition for WBTC
Kraken’s entry into the wrapped Bitcoin home comes amid intensifying competition on this market, which is having a glimpse to distress the dominance of BitGo’s Wrapped Bitcoin (WBTC), which currently controls 90% of the market with a $10 billion market capitalization.
In September, Coinbase launched its include wrapped Bitcoin, cbBTC, on Ethereum and Tainted. Right thru the same time, 21.co, the parent firm of 21Shares, launched its wrapped Bitcoin product, 21BTC.
The most modern surge in wrapped Bitcoin choices started after BitGo announced a controversial partnership with Hong Kong-based BiT Worldwide in August, a agency connected to Tron founder Justin Solar.
The switch introduced on distress amongst some within the crypto neighborhood, in particular relating to Solar’s involvement. As a result, DeFi protocols fancy Sky (beforehand MakerDAO) and Aave are serious about discontinuing improve for WBTC on their platforms.
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Bitcoin, a decentralized forex that defies the sway of central banks or directors, transacts electronically, circumventing intermediaries thru a behold-to-behold community.
Ethereum is a decentralized, originate-source blockchain platform that enables the introduction of clean contracts and decentralized functions (DApps).
Optimism is a layer-2 scaling community for the Ethereum blockchain.
Coinbase
Coinbase is a digital forex alternate and pockets service that allows people to earn, sell, and store digital currencies, corresponding to Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset alternate in euro quantity and liquidity that trades diverse currencies, along side Canadian bucks, US bucks, British kilos, and Japanese yen.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment products and services, providing institutional investors with security, compliance, and custodial choices for blockchain-based currencies.
21shares
21Shares is a Swiss provider of crypto- forex alternate-traded merchandise (ETPs).
Justin Solar has carved a title for himself as a leading settle within the blockchain sector.
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