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After Coinbase, Kraken has launched its very own wrapped Bitcoin product.

Kraken has introduced its wrapped Bitcoin token, kBTC, backed 1:1 by Bitcoin, and available on Ethereum and OP Mainnet.

On October 17, 2024, Kraken, one of the leading cryptocurrency exchanges in the world, announced the launch of its own Wrapped Bitcoin token, named kBTC. This token represents a tokenized version of Bitcoin (BTC) and promises to further strengthen Bitcoin's position as the “epicenter of cryptocurrencies”, according to the company.

In a recent update, the leading crypto exchange Kraken has announced the launch of Wrapped Bitcoin, kBTC, sparking market optimism. This new ERC-20 token is expected to boost the BTC's utility across decentralized finance (DeFi) platforms.

Crypto exchange Kraken has joined the race for dominance in the realm of Wrapped Bitcoins, unveiling its own Ethereum-based token, kBTC. The landscape of Wrapped Bitcoins is becoming more crowded as U.S.

Kraken's launch follows the recent introduction of Coinbase's wrapped bitcoin asset, cbBTC, with both tokens competing against WBTC.

According to Kraken, kBTC reinforces Bitcoin's position as the “epicenter of crypto” and empowers developers to explore new ways to use BTC.

The token will be available on both Ethereum and OP Mainnet.

Threshold Network has proposed further decentralizing BitGo's Wrapped Bitcoin (WBTC) amid its recent challenges in the DeFi market. On Oct. 9, Matt Luongo, founder of the Bitcoin-focused venture studio Thesis, outlined the goal of expanding the number of signers involved in managing the WBTC asset using the Threshold Network.

Wrapped Bitcoin currently has a market capitalization of approximately $9.5 billion and a circulating supply of 154,782 tokens.

Sky Ecosystem will change the security fees on its WBTC vaults, but has given up on the accelerated divestment of the asset.

21.co, the parent company of 21Shares, has announced a strategic partnership with Crypto.com. The collaboration will enhance liquidity and custody solutions for 21.co's wrapped tokens, starting with its wrapped Bitcoin (BTC).

Cryptocurrency exchange Crypto.com and crypto fund manager 21Shares have announced a strategic partnership aimed at bolstering the liquidity of 21Shares' Wrapped Bitcoin product (21BTC). Through the partnership, 21Shares will source liquidity from Crypto.com, which currently has around $2 billion in bitcoin under custody (according to CoinMarketCap).

The Wrapped Bitcoin's top performance comes despite BitGo's unwelcomed partnership with Justin Sun to expand WBTC's jurisdiction.

Concerns about WBTC's planned custody shakeup are overblown. For added safety, cbBTC is the best alternative.

Concerns about wBTC's planned custody shakeup are overblown. For added safety, cbBTC is the best alternative.

WBTC bridges the gap between BTC and ETH. Yet, AAVE has reaped the most benefits, amassing 37K WBTC in supply.

It's been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million.

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

The apparent change of heart follows extensive public discussions with BitGo CEO Mike Belshe.

TL;DR Sky is reconsidering its decision to remove Wrapped Bitcoin (WBTC) after a recommendation from BA Labs and clarifications from BitGo. BitGo commits to providing 60 days' notice for any changes in WBTC custody, reducing the perceived risk.

BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo's CEO Mike Belshe and a vote from Sky community members.

Sky is rethinking its recent decision to offboard WBTC, following BA Labs' assessment that the risk to WBTC exposure is now “more acceptable”.