Crypto exchange Kraken has announced the launch of its own wrapped bitcoin (kBTC) token, backed 1:1 with bitcoin and available on both Ethereum and OP Mainnet. The token will be custodied in Kraken Financial’s wallet, with the address made public for transparency. Kraken aims to accelerate the adoption of decentralized finance (DeFi) with the launch of kBTC. The token will be supported by various DeFi apps at launch, and there are plans to expand its usage across the ecosystem. Kraken is not the only major player to launch a wrapped bitcoin token recently, as Coinbase also launched its own cbBTC token.



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