Kraken has launched kBTC, a wrapped bitcoin product, providing users access to USDT on Ethereum and OP Mainnet, safeguarded by Kraken Financial’s qualified custody.
The launch of kBTC allows users to leverage Bitcoin on decentralized finance platforms while ensuring full reserves through a segregated custody wallet made public.
Supported by key partners like Paraswap and Morpho, kBTC aims to enhance Bitcoin's usability in the DeFi space, tapping into the existing market trends.
With no spot markets available initially, Kraken offers users the option to redeem kBTC for its underlying bitcoin, maintaining flexibility in trading.
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