Kraken Wrapped Bitcoin

The utility of kBTC lies in giving Bitcoin liquidity access to smart contract functionality.

kBTC operates as a wrapped token, where each kBTC is backed 1:1 with real Bitcoin held by Kraken. The official bridge from Bitcoin to Ethereum is managed by Kraken, ensuring that each kBTC is fully collateralized.

This enables users to utilize a wrapped version of Bitcoin in the Ethereum DeFi ecosystem, allowing them to use it liquidity in decentralized exchanges, as collateral in lending platforms, and in yield farming.

kBTC is currently available on Ethereum and OP Mainnet.

kBTC is issued and maintained by Kraken, a prominent cryptocurrency exchange.

Kraken developed kBTC to integrate Bitcoin with Ethereum’s ecosystem, leveraging their infrastructure for Bitcoin custody and smart contract management.

You can learn more here.

kBTC is a wrapped version of BTC within the EVM ecosystem.

For every kBTC token in circulation, Kraken maintains an equal amount of Bitcoin in its segregated reserves. This one-to-one backing ensures full collateralization and promotes transparency in the token's value and security.

Verify the reserve balances here:

• OP Mainnet kBTC smart contract
• Ethereum kBTC smart contract
• SPDI Custody wallet