# Kraken Launches kBTC Wrapped Bitcoin

*Author: David Christopher*
*Published: Oct 17, 2024*
*Source: https://www.bankless.com/kraken-launches-kbtc-wrapped-bitcoin*

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Crypto exchange Kraken has launched a new wrapped bitcoin product, kBTC, now live on Ethereum and OP Mainnet, to compete with other tokenized BTC alternatives like WBTC and cbBTC.

## What's the scoop?
- **Cross-Network Compatibility: **kBTC is an ERC-20 token backed 1:1 by BTC custodied at Kraken Financial.
- **Onchain Reserves:** [Kraken disclosed a reserve address](https://www.theblock.co/post/321709/kraken-wrapped-bitcoin-kbtc-ethereum-op-mainnet) showing a balance of 100 BTC, corresponding to an 80 kBTC supply on Ethereum and 20 kBTC on OP Mainnet.
- **Day One Partners:** Initial partners include platforms like deBridge, Definitive, Gauntlet, ParaSwap, and Yearn.  
- **Future Plans: **Kraken plans to extend compatibility to non-EVM networks.

## Bankless Take:  
Following Coinbase’s recent cbBTC introduction, Kraken now joins the fight against WBTC’s market share. While Kraken’s 13-year reputation and transparency will likely prove a strong selling point, especially considering the security concerns surrounding WBTC’s custodian, BitGo, WBTC’s dominance may still prove harder to chip away at than initially expected.

> Introducing [$kBTC](https://twitter.com/search?q=%24kBTC&src=ctag&ref_src=twsrc%5Etfw) – an ERC-20 token fully backed 1:1 by Bitcoin, held securely by Kraken and always verifiable onchain. More possibilities.More functionality.More transparency.Let’s take a closer look ⤵️ [pic.twitter.com/VammHbyJKm](https://t.co/VammHbyJKm)— Kraken Pro (@krakenpro) [October 17, 2024](https://twitter.com/krakenpro/status/1846889522409165172?ref_src=twsrc%5Etfw)
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