# Kraken's kBTC Launch

*Kraken Launches kBTC: A New Wrapped Bitcoin on Ethereum and OP Mainnet*

By [aundingoya.eth](https://paragraph.com/@aundingoya.eth) · 2024-10-18

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Kraken has introduced kBTC, its own fully backed wrapped Bitcoin, compatible across networks and based on the ERC-20 standard. This move comes hot on the heels of Coinbase’s cbBTC launch, adding to the growing competition in the wrapped Bitcoin space.

Backed 1:1 by Bitcoin held at Kraken Financial, users can verify kBTC’s reserves through a transparent on-chain address currently showing a balance of 100 BTC. With immediate compatibility for decentralized applications on Ethereum and OP Mainnet, Kraken plans to expand support to more networks soon.

Kraken emphasizes its robust custody infrastructure, offering users a trusted way to engage with DeFi. As the wrapped Bitcoin market heats up—dominated by the $10 billion WBTC—both Kraken and Coinbase are positioning themselves to capture market share amid evolving industry dynamics.

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*Originally published on [aundingoya.eth](https://paragraph.com/@aundingoya.eth/krakens-kbtc-launch)*