30s Summary

Crypto exchange Kraken has launched kBTC, a Bitcoin token. Backed 1:1 by an equal amount of Bitcoin held by Kraken, kBTC can be used with different networks like Ethereum and OP Mainnet, and decentralized apps (DApps). Kraken believes kBTC furthers its push to bring Bitcoin applications to new networks, increasing Bitcoin’s prominence in the crypto space.

Full Article

So, Kraken, the crypto exchange, has just released their own version of Bitcoin and they’re calling it kBTC. Basically, it’s a Bitcoin token that the company is keeping within their own safekeeping.

They officially let the cat out of the bag about the whole kBTC deal on October 17th. What makes this token unique is that it is backed 1:1 by an equal amount of Bitcoin that’s being held by Kraken.

Now, one of the cool things about this new type of Bitcoin token is that it can be used with different networks, like Ethereum and OP Mainnet (which used to go by the name Optimism), and even in those decentralized apps (DApps).

In short, Kraken has said that with kBTC, they’re looking to bring the power of Bitcoin to new networks, using the trust and experience they’ve built up over the last ten years. They think this new deal with kBTC helps cement Bitcoin’s position at the center of the crypto world and allows people to find new applications for Bitcoin, pushing the whole ensemble forward.

That’s all the info we have right now, but we’ll keep you in the loop as we find out more.

Source: Cointelegraph