In what is an important move for the cryptocurrency exchange, Kraken has announced it is launching its very own wrapped Bitcoin token, kBTC. Indeed, the debuting token is set to arrive on both Ethereum and the OP Mainnet, the exchange recently told CoinDesk.
The move follows one taken by crypto exchange Coinbase earlier this year. They launched a similar offering that officially went live in early September. Moreover, these efforts seem to signal a growing demand for Bitcoin offerings, as the asset is looking to continue its 202 surge throughout October.
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Crypto Exchange Kraken Launching Wrapped Bitcoin Offering
2024 has been a massive year for Bitcoin already. In January, it became the first crypto-based ETF in the United States, catapulting to an all-time high of $73,000 just three months later. That is expected to continue with ‘Uptober’ upon us and the crypto market projecting yet another record surge for the asset.
Now, exchanges are answering the demand with increased BTC offerings. Among the growing list is Kraken, which announced the launch of its very own wrapped Bitcoin offering, kBTC. According to a report, the token is set to launch on Ethereum and the OP Mainnent.
Also Read: Kraken Executive Says Ethereum ETF Launch Will ‘Lift all Boats’
The report notes that the launch will be supported by both Araswap and Morpho. Additionally, the leading cryptocurrency will be custodied by Kraken Financial in a specified wallet for the BTC. Yet, the address will reportedly be made public to increase transparency and confidence among investors.
This should contribute even more to the growing interest in Bitcoin. Bitwise CIO Matt Hougan recently predicted the asset to reach an all-time high of $200,000 by 2025. That continued price increase aligns with its expanded adoption in the greater finance sector.
