Kraken Launches Wrapped Bitcoin (kBTC) on Uniswap’s Unichain

Kraken has announced the launch of Kraken Wrapped Bitcoin (kBTC) on Unichain, an Ethereum-based Layer 2 developed by Uniswap Labs. This integration allows Unichain users and developers to transfer ETH and USDT0 directly between Kraken and Unichain, enhancing Kraken’s role as a liquidity hub for multi-chain experiences.

kBTC is distinct from many other wrapped assets. It is 1:1 backed by Bitcoin held at Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution (SPDI). The asset offers full transparency, with on-chain proof of reserves available for viewing at any time. Additionally, kBTC is interoperable across multiple networks, including Ethereum, OP Mainnet, Ink, and Unichain.

Expanding Bitcoin’s Reach

Kraken’s introduction of kBTC aims to bring Bitcoin’s capabilities to new networks, leveraging the company’s extensive security and infrastructure expertise. The asset is designed to support innovations in decentralized finance (DeFi) and cross-chain protocols, backed by Kraken’s 13 years of industry experience.

Kraken believes that kBTC reinforces Bitcoin’s central role in the cryptocurrency ecosystem, empowering developers to explore new applications for Bitcoin. The company views this development as a step forward for the entire crypto industry.

For more information, the official announcement can be found here.

Why This Matters: Impact, Industry Trends & Expert Insights

Kraken has launched its Wrapped Bitcoin (kBTC) on Uniswap’s Unichain, a move that enhances its role as a liquidity hub by allowing seamless transfers of ETH and USDT0 between Kraken and Unichain.

A recent industry report highlights the crucial role of Ethereum-based Layer-2 solutions in enhancing scalability and efficiency. This aligns with Kraken’s integration of kBTC on Unichain, which is an Ethereum-based Layer 2, reflecting the growing importance of these solutions in expanding blockchain capabilities.

A CryptoSlate report highlights that Kraken’s kBTC launch is part of its broader strategy to increase adoption and competitiveness in the cryptocurrency space. This supports the significance of kBTC in potentially boosting DeFi participation and cross-chain interoperability.

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