Kraken has introduced its own tokenized version of Bitcoin, called Kraken Wrapped Bitcoin (kBTC), which is backed 1:1 by actual Bitcoin held in its custody. Announced on October 17, 2024, kBTC is launched as an ERC-20 token, allowing interoperability with multiple networks including Ethereum and OP Mainnet. This new token aims to empower developers to utilize Bitcoin in decentralized applications (DApps). Kraken states that with kBTC, they are not only reinforcing Bitcoin’s status as the core of the crypto ecosystem but also fostering innovation among crypto builders. This development reflects Kraken's ongoing commitment to enhance the functionality and reach of Bitcoin across various platforms, positioning the exchange as a key player in the evolving cryptocurrency landscape. Further information on this release will be provided as it becomes available.

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