Cryptocurrency exchange Kraken has launched its own wrapped bitcoin token (kBTC), a company spokesperson told CoinDesk.

- The token will be available on Ethereum and OP Mainnet.

- kBTC will be backed 1:1 by bitcoin held by Kraken Financial.

- Launch partners include Paraswap and Morpho.

The project aims to accelerate DeFi adoption and expand the use of decentralized applications.