Crypto exchange Kraken has launched its wrapped Bitcoin kBTC, an ERC-20 token that supports OP Mainnet.
A Coinbase idea for Kraken
Coinbase recently unveiled its Wrapped Bitcoin cbBTC, which was questioned by Tron founder Justin Sun, but investors trusted Coinbase. Kraken is the second largest exchange in the United States, following Coinbase, therefore it was certain to be inspired by cbBTC.
As Wrapped as it should be
Just like Coinbase claimed for cbBTC, Kraken claimed for kBTC:
Fully backed by the Kraken Bitcoin Reserve at a 1:1 ratio.
However, there is no guarantee for the reserve, and Kraken controls kBTC.
Is kBTC worth?
Kraken's wrapped Bitcoin kBTC is launched; the only worthiness is that the other exchangers may start their own wrapped Bitcoin. However, I do not recommend trusting these centralised wrapped Bitcoins; they remain under the developer's control and can be frozen.
