Kraken launches kBTC as competition heats up in wrapped Bitcoin market

Kraken has introduced a new wrapped Bitcoin product, kBTC, to tap into the rapidly expanding sector, according to an Oct. 17 statement. kBTC is a fully-backed, cross-network-compatible ERC-20 token representing Bitcoin. Each kBTC is backed 1:1 by an equivalent amount of Bitcoin, stored securely in Kraken’s custody, with on-chain reserves available for public verification. The […] source: https://cryptoslate.com/kraken-launches-kbtc-as-competition-heats-up-in-wrapped-bitcoin-market/