Kraken Launches kBTC: A New Wrapped Bitcoin for DeFi Users

TL;DR
- Kraken has launched kBTC, a wrapped Bitcoin token fully backed by $BTC, available on Ethereum and OP Mainnet.
- The minimum deposit for kBTC is set at 0.00026 $BTC (approximately $15), aiming to boost DeFi adoption.

Kraken has introduced kBTC, a new wrapped Bitcoin token that is fully backed 1:1 by $BTC held in custody. This token will be available on both the Ethereum and OP Mainnet platforms, with the Bitcoin reserves stored in a publicly accessible segregated wallet managed by Kraken Financial. This initiative aligns with Kraken's mission to enhance the accessibility and utilization of decentralized finance (DeFi) solutions.

Wrapped tokens like kBTC facilitate trading, lending, and borrowing of assets such as $BTC and $ETH on DeFi platforms. The launch of kBTC is expected to promote the adoption of DeFi within the crypto ecosystem, joining the ranks of existing wrapped tokens like WBTC. While there won't be spot markets for kBTC initially, users can redeem their $BTC for kBTC and trade as usual.

The minimum deposit for kBTC is set at 0.00026 $BTC, approximately $15, based on a $60,000 Bitcoin price. With initial support from various well-known DeFi applications, kBTC is poised to become a popular asset in the DeFi landscape.

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