Kraken Launches DeFi-Compatible Wrapped Bitcoin Token 'kBTC'

 Kraken has introduced its own Wrapped Bitcoin product, named kBTC, which is integrated with both Ethereum and OP Mainnet. This launch follows the footsteps of Coinbase, which unveiled its Wrapped Bitcoin (cbBTC) last month. kBTC will be backed on a 1:1 basis with Bitcoin (BTC), and the collateralized Bitcoin will be stored in a separate wallet at Kraken Financial, the exchange's US-based regulated custody solution. The wallet address will be made public so that users can verify the full amount of Bitcoin backing the reserves.

Kraken isn't the only major company to launch a Wrapped Bitcoin token. BitGo, the custodian behind WBTC since 2019, announced in October that it would transfer the custodianship of the 9.4 billion USD WBTC in circulation to a new entity. The new custodian is BiT Global, a joint venture between BitGo, Justin Sun, and the TRON ecosystem, registered in Hong Kong.

In addition, last month, Coinbase launched its own Wrapped Bitcoin product called cbBTC, available on both Ethereum and Base networks. Another competitor, the newly funded Bitcoin liquid restaking protocol Lombard, introduced LBTC, enabling users to earn yields through the Babylon Bitcoin staking protocol. Bitcoin Layer-2 network Stacks also launched sBTC in late September.

kBTC will support various leading DeFi applications and partners, including Kraken, Kraken Wallet, Ethereum, Optimism, Paraswap, Yearn, Gauntlet, deBridge, Definitive, CowSwap, Beefy, Velodrome, Curve, and Morpho. Initially, Kraken won't offer any spot trading markets for kBTC, but users can redeem their collateralized Bitcoin and trade as usual.

The minimum deposit required for kBTC is 0.00026 BTC, equivalent to approximately 15 USD at a Bitcoin price of 60,000 USD.

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