Crypto exchange Kraken has launched its own wrapped bitcoin (BTC) token, kBTC, the company told CoinDesk in an exclusive interview. The token will be available on both Ethereum and OP Mainnet, and will be backed 1:1 with bitcoin, a company spokesperson said. The bitcoin will be custodied in Kraken Financial, the exchange's U.S. qualified custody solution, in a segregated wallet. The address of this wallet will be made public so that customers can see the bitcoin is in full reserve. Wrapped tokens allow unsupported crypto assets like bitcoin and ether (ETH) to be traded, lent and borrowed on decentralized finance (DeFi) platforms.
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