Kraken has launched its own wrapped bitcoin token, kBTC, available on Ethereum and Optimism. The token, backed 1:1 with bitcoin and custodied through Kraken Financial, allows bitcoin to be used in DeFi platforms. kBTC will be integrated with multiple DeFi apps like Paraswap, Yearn, and Curve but won’t have spot markets initially. The token aims to accelerate DeFi adoption by providing seamless access for users.
Source: Coindesk