Kraken launches new kBTC token to unlock Bitcoin's potential

According to ChainCatcher, cryptocurrency exchange Kraken announced the launch of Kraken Wrapped Bitcoin (kBTC), which aims to unlock Bitcoin's potential in the network.

kBTC is a fully supported, cross-network compatible ERC-20 token. Each kBTC token is fully backed by an equal amount of Bitcoin at a 1:1 ratio and is securely kept by Kraken. This new product will enable Bitcoin to be traded and used on the Ethereum network, further expanding its application scenarios.

This move may bring new vitality to the crypto market and deserves continued attention.