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Bitcoin Bitcoin (BTC) $118,941.09 ↑ 0.83%
Ethereum Ethereum (ETH) $3,885.27 ↑ 1.87%
XRP XRP (XRP) $3.24 ↑ 2.06%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.03%
BNB BNB (BNB) $855.24 ↑ 7.67%
Solana Solana (SOL) $193.08 ↑ 3.88%
USDC USDC (USDC) $1.00 ↓ -0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.83%
TRON TRON (TRX) $0.33 ↑ 1.15%
Cardano Cardano (ADA) $0.83 ↑ 1.51%
Hyperliquid Hyperliquid (HYPE) $44.38 ↑ 3.85%
Sui Sui (SUI) $4.23 ↓ -2.09%
Stellar Stellar (XLM) $0.44 ↑ 0.85%
Chainlink Chainlink (LINK) $19.06 ↑ 1.90%
Hedera Hedera (HBAR) $0.28 ↓ -0.31%
Bitcoin Cash Bitcoin Cash (BCH) $585.05 ↓ -2.32%
Avalanche Avalanche (AVAX) $27.20 ↑ 9.32%
Litecoin Litecoin (LTC) $113.43 ↑ 0.34%
Toncoin Toncoin (TON) $3.39 ↑ 2.36%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 1.47%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.05%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.05%
Uniswap Uniswap (UNI) $10.96 ↑ 2.81%
Polkadot Polkadot (DOT) $4.23 ↑ 2.03%
Monero Monero (XMR) $325.38 ↑ 0.12%
Bitget Token Bitget Token (BGB) $4.70 ↑ 2.41%
Pepe Pepe (PEPE) $0.00 ↑ 2.69%
Dai Dai (DAI) $1.00 ↑ 0.00%
Cronos Cronos (CRO) $0.15 ↑ 5.98%
Aave Aave (AAVE) $303.77 ↑ 2.92%
Ethena Ethena (ENA) $0.68 ↑ 9.38%
Bittensor Bittensor (TAO) $432.19 ↑ 1.12%
NEAR Protocol NEAR Protocol (NEAR) $2.95 ↑ 2.27%
Ethereum Classic Ethereum Classic (ETC) $22.91 ↑ 0.29%
Pi Pi (PI) $0.45 ↑ 1.04%
Ondo Ondo (ONDO) $1.06 ↑ 1.36%
Internet Computer Internet Computer (ICP) $5.87 ↑ 3.58%
Aptos Aptos (APT) $4.92 ↑ 2.59%
Bonk Bonk (BONK) $0.00 ↑ 7.32%
OKB OKB (OKB) $49.14 ↑ 1.99%
Mantle Mantle (MNT) $0.82 ↓ -0.14%
Kaspa Kaspa (KAS) $0.10 ↓ -1.30%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -0.17%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.38%
Algorand Algorand (ALGO) $0.28 ↑ 0.66%
Arbitrum Arbitrum (ARB) $0.47 ↑ 4.71%
Render Render (RENDER) $4.38 ↑ 2.94%
VeChain VeChain (VET) $0.03 ↑ 1.84%
GateToken GateToken (GT) $18.25 ↑ 2.49%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.22 ↑ 4.60%
SPX6900 SPX6900 (SPX) $2.25 ↑ 12.18%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.32 ↑ 1.92%
Sky Sky (SKY) $0.10 ↑ 1.83%
Sei Sei (SEI) $0.34 ↑ 1.07%
Cosmos Cosmos (ATOM) $4.88 ↑ 2.15%
Filecoin Filecoin (FIL) $2.77 ↑ 3.29%
Jupiter Jupiter (JUP) $0.61 ↑ 5.50%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.76 ↑ 4.11%
Flare Flare (FLR) $0.02 ↑ 2.18%
Story Story (IP) $5.61 ↑ 2.93%
Injective Injective (INJ) $15.92 ↑ 4.92%
Quant Quant (QNT) $128.53 ↑ 1.09%
XDC Network XDC Network (XDC) $0.09 ↑ 2.95%
Celestia Celestia (TIA) $2.05 ↑ 3.92%
KuCoin Token KuCoin Token (KCS) $11.57 ↑ 0.54%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.02%
Optimism Optimism (OP) $0.82 ↑ 12.92%
Fartcoin Fartcoin (FARTCOIN) $1.39 ↑ 5.08%
Curve DAO Token Curve DAO Token (CRV) $1.01 ↓ -3.97%
Stacks Stacks (STX) $0.85 ↑ 4.52%
Four Four (FORM) $3.48 ↑ 0.51%
FLOKI FLOKI (FLOKI) $0.00 ↑ 1.97%
dogwifhat dogwifhat (WIF) $1.15 ↑ 6.94%
Immutable Immutable (IMX) $0.60 ↑ 2.87%
Ethereum Name Service Ethereum Name Service (ENS) $30.47 ↓ -0.47%
PancakeSwap PancakeSwap (CAKE) $3.20 ↑ 14.77%
The Graph The Graph (GRT) $0.11 ↑ 3.54%
Lido DAO Lido DAO (LDO) $1.17 ↑ 6.69%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 0.29%
Kaia Kaia (KAIA) $0.17 ↑ 1.85%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 2.33%
Sonic Sonic (S) $0.34 ↑ 2.60%
Conflux Conflux (CFX) $0.19 ↑ 2.86%
Tezos Tezos (XTZ) $0.90 ↑ 2.45%
PAX Gold PAX Gold (PAXG) $3,333.74 ↓ -0.73%
Theta Network Theta Network (THETA) $0.93 ↑ 4.06%
Vaulta Vaulta (A) $0.58 ↑ 0.71%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.04%
Raydium Raydium (RAY) $3.37 ↑ 10.14%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.75%
IOTA IOTA (IOTA) $0.22 ↑ 1.01%
Nexo Nexo (NEXO) $1.32 ↑ 0.72%
Gala Gala (GALA) $0.02 ↑ 3.87%
Tether Gold Tether Gold (XAUt) $3,336.08 ↓ -0.37%
The Sandbox The Sandbox (SAND) $0.32 ↑ 0.63%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 6.28%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.43%
Pendle Pendle (PENDLE) $4.69 ↑ 6.92%
Jito Jito (JTO) $2.08 ↑ 3.89%
Bitcoin Bitcoin (BTC) $118,941.09 ↑ 0.83%
Ethereum Ethereum (ETH) $3,885.27 ↑ 1.87%
XRP XRP (XRP) $3.24 ↑ 2.06%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.03%
BNB BNB (BNB) $855.24 ↑ 7.67%
Solana Solana (SOL) $193.08 ↑ 3.88%
USDC USDC (USDC) $1.00 ↓ -0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 2.83%
TRON TRON (TRX) $0.33 ↑ 1.15%
Cardano Cardano (ADA) $0.83 ↑ 1.51%
Hyperliquid Hyperliquid (HYPE) $44.38 ↑ 3.85%
Sui Sui (SUI) $4.23 ↓ -2.09%
Stellar Stellar (XLM) $0.44 ↑ 0.85%
Chainlink Chainlink (LINK) $19.06 ↑ 1.90%
Hedera Hedera (HBAR) $0.28 ↓ -0.31%
Bitcoin Cash Bitcoin Cash (BCH) $585.05 ↓ -2.32%
Avalanche Avalanche (AVAX) $27.20 ↑ 9.32%
Litecoin Litecoin (LTC) $113.43 ↑ 0.34%
Toncoin Toncoin (TON) $3.39 ↑ 2.36%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 1.47%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.05%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.05%
Uniswap Uniswap (UNI) $10.96 ↑ 2.81%
Polkadot Polkadot (DOT) $4.23 ↑ 2.03%
Monero Monero (XMR) $325.38 ↑ 0.12%
Bitget Token Bitget Token (BGB) $4.70 ↑ 2.41%
Pepe Pepe (PEPE) $0.00 ↑ 2.69%
Dai Dai (DAI) $1.00 ↑ 0.00%
Cronos Cronos (CRO) $0.15 ↑ 5.98%
Aave Aave (AAVE) $303.77 ↑ 2.92%
Ethena Ethena (ENA) $0.68 ↑ 9.38%
Bittensor Bittensor (TAO) $432.19 ↑ 1.12%
NEAR Protocol NEAR Protocol (NEAR) $2.95 ↑ 2.27%
Ethereum Classic Ethereum Classic (ETC) $22.91 ↑ 0.29%
Pi Pi (PI) $0.45 ↑ 1.04%
Ondo Ondo (ONDO) $1.06 ↑ 1.36%
Internet Computer Internet Computer (ICP) $5.87 ↑ 3.58%
Aptos Aptos (APT) $4.92 ↑ 2.59%
Bonk Bonk (BONK) $0.00 ↑ 7.32%
OKB OKB (OKB) $49.14 ↑ 1.99%
Mantle Mantle (MNT) $0.82 ↓ -0.14%
Kaspa Kaspa (KAS) $0.10 ↓ -1.30%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -0.17%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 1.38%
Algorand Algorand (ALGO) $0.28 ↑ 0.66%
Arbitrum Arbitrum (ARB) $0.47 ↑ 4.71%
Render Render (RENDER) $4.38 ↑ 2.94%
VeChain VeChain (VET) $0.03 ↑ 1.84%
GateToken GateToken (GT) $18.25 ↑ 2.49%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.22 ↑ 4.60%
SPX6900 SPX6900 (SPX) $2.25 ↑ 12.18%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.32 ↑ 1.92%
Sky Sky (SKY) $0.10 ↑ 1.83%
Sei Sei (SEI) $0.34 ↑ 1.07%
Cosmos Cosmos (ATOM) $4.88 ↑ 2.15%
Filecoin Filecoin (FIL) $2.77 ↑ 3.29%
Jupiter Jupiter (JUP) $0.61 ↑ 5.50%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.76 ↑ 4.11%
Flare Flare (FLR) $0.02 ↑ 2.18%
Story Story (IP) $5.61 ↑ 2.93%
Injective Injective (INJ) $15.92 ↑ 4.92%
Quant Quant (QNT) $128.53 ↑ 1.09%
XDC Network XDC Network (XDC) $0.09 ↑ 2.95%
Celestia Celestia (TIA) $2.05 ↑ 3.92%
KuCoin Token KuCoin Token (KCS) $11.57 ↑ 0.54%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.02%
Optimism Optimism (OP) $0.82 ↑ 12.92%
Fartcoin Fartcoin (FARTCOIN) $1.39 ↑ 5.08%
Curve DAO Token Curve DAO Token (CRV) $1.01 ↓ -3.97%
Stacks Stacks (STX) $0.85 ↑ 4.52%
Four Four (FORM) $3.48 ↑ 0.51%
FLOKI FLOKI (FLOKI) $0.00 ↑ 1.97%
dogwifhat dogwifhat (WIF) $1.15 ↑ 6.94%
Immutable Immutable (IMX) $0.60 ↑ 2.87%
Ethereum Name Service Ethereum Name Service (ENS) $30.47 ↓ -0.47%
PancakeSwap PancakeSwap (CAKE) $3.20 ↑ 14.77%
The Graph The Graph (GRT) $0.11 ↑ 3.54%
Lido DAO Lido DAO (LDO) $1.17 ↑ 6.69%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 0.29%
Kaia Kaia (KAIA) $0.17 ↑ 1.85%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 2.33%
Sonic Sonic (S) $0.34 ↑ 2.60%
Conflux Conflux (CFX) $0.19 ↑ 2.86%
Tezos Tezos (XTZ) $0.90 ↑ 2.45%
PAX Gold PAX Gold (PAXG) $3,333.74 ↓ -0.73%
Theta Network Theta Network (THETA) $0.93 ↑ 4.06%
Vaulta Vaulta (A) $0.58 ↑ 0.71%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.04%
Raydium Raydium (RAY) $3.37 ↑ 10.14%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 1.75%
IOTA IOTA (IOTA) $0.22 ↑ 1.01%
Nexo Nexo (NEXO) $1.32 ↑ 0.72%
Gala Gala (GALA) $0.02 ↑ 3.87%
Tether Gold Tether Gold (XAUt) $3,336.08 ↓ -0.37%
The Sandbox The Sandbox (SAND) $0.32 ↑ 0.63%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 6.28%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.43%
Pendle Pendle (PENDLE) $4.69 ↑ 6.92%
Jito Jito (JTO) $2.08 ↑ 3.89%
Home Cryptocurrency

Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

Tom Nyarunda by Tom Nyarunda
18 October 2024
in Cryptocurrency, Business, News
Reading Time: 3 mins read
0
Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

Cryptocurrency exchange Kraken has launched Wrapped Bitcoin kBTC, a new DeFi token initially available on Ethereum and OP Mainnet. The new token poised to offer fresh Optimism to the decentralized finance (DeFi) space aims to bridge the gap between Bitcoin and DeFi, enabling users to convert their BTC seamlessly to alternative tokens.

Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Bitwise CIO Says Bitcoin Rally Coming in 2026, Halving Cycle No Longer Relevant
    • Inside CZ’s $76 Billion BNB Empire: What’s Behind the Explosive Price Climb?
  • Offer Users Access to DeFi Applications
  • Promote Blockchain Interoperability
  • Conclusion

YOU MAY BE INTERESTED

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According to an official blog post, Kraken’s wrapped Bitcoin token will be fully backed 1:1 with a similar amount of actual BTC held within Kraken’s Financial’s US custody solution, offering a viewable reserve wallet for transparency. The statement by Kraken additionally stated that “Bitcoin’s fundamental strengths – security, scarcity and its role as a store of value” were extending further to its utility into DeFi and beyond.”

Offer Users Access to DeFi Applications

The wrapped Bitcoin kBTC token is designed to enable holders of an asset like Bitcoin to use them in DeFi platforms to perform activities like trading, lending and borrowing. The new token joins a growing list of wrapped tokens, including the recently launched Coinbase Wrapped Bitcoin (cbBTC). The new token is intended to introduce new users to DeFi and accelerate the adoption of decentralized applications (DApps).

Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

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Wrapped Bitcoin has recently become a popular tool for cross-chain interaction, enabling users to leverage the value of Bitcoin as they engage in the Optimism and Ethereum blockchains. By introducing the Wrapped Bitcoin kBTC, Kraken ensures users can access DeFi applications, spreading their reach beyond simply holding and trading BTC. With Kraken’s wrapped Bitcoin, users can seamlessly interact with Ethereum-based DeFi projects and decentralized exchanges. As a result, the move has the potential to unlock Bitcoin’s vast liquidity to DApps as users participate in activities like crypto staking, providing liquidity and yield farming.

Promote Blockchain Interoperability

Apart from Ethereum, wrapped Bitcoin kBTC will also be available on the Optimism ecosystem, a layer-2 solution on the Ethereum blockchain. Users on Optimism can leverage the platform’s increased scalability, leading to relatively lower transaction fees. By introducing Kraken’s wrapped Bitcoin to the network, users can access a more efficient DeFi solution that is available to a broader audience.  The choice of both Ethereum and Optimism speaks boldly about Kraken’s belief in promoting blockchain interoperability to create a broader industry that benefits the dynamic DeFi landscape.

 

Kraken’s wrapped Bitcoin kBTC doesn’t support spot markets, meaning users could redeem the token for the underlying asset. The statement from Kraken says users could deposit a minimum of 0.00026 BTC for the wrapped Bitcoin kBTC valued at around $15. With the current launch, the cryptocurrency exchange intends to boost DeFi adoption in partnership with leading DeFi Apps Paraswap, Yearn, and Curve, among others. Commenting on the launch, Mark Greenberg, the firm’s Global head of Asset Growth, said the exchange believed in an “on-chain future, and DeFi represents a key part of that opportunity.”

Kraken’s Wrapped Bitcoin kBTC to Stir DeFi Space

In addition to cryptocurrency exchange Kraken, there are several other issuers of different versions of wrapped bitcoin.   Crypto exchange Coinbase recently rolled out a tokenized version of BTC on Ethereum (cbBTC). 21Shares is also on record for creating 21BTC on Ethereum, a wrapped Bitcoin product, while BitGo also created a wrapped Bitcoin WBTC token in January 2019. WBTC became one of the leading Bitcoin-based ERC-20 DeFi tokens with native integrations on several blockchains, including Base, Osmosis, Tron, and Ethereum.

Conclusion

The decision by Kraken to launch the wrapped Bitcoin kBTC on the Ethereum and Optimism Networks demonstrated a commitment to promoting the creation of innovative financial tools that enable crypto users and offer them greater flexibility in managing their assets.

 

As decentralized finance continues to gain ground within the crypto community and financial services sectors, the launch of Kraken’s wrapped Bitcoin is opening up the crypto stage to benefit from Bitcoin’s excellent liquidity. If all goes according to plan, introducing a new DeFi tool is expected to enhance greater Bitcoin adoption, encouraging more users to benefit from the DeFi services.

 

Tags: Krakenwrapped Bitcoin. wBTC
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Tom Nyarunda

Tom Nyarunda

Tom Nyarunda is a writer with in-depth knowledge of blockchain, cryptocurrency, NFTs, and SaaS. Based in Kenya, Tom has devoted his time to the study of Bitcoin and cryptocurrency, as he believes them to be incorruptible products of the future.

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