Kraken Launches kBTC on Unichain, Expanding Bitcoin's Reach

Kraken has launched Kraken Wrapped Bitcoin (kBTC) on Unichain, an Ethereum-based Layer 2 developed by Uniswap Labs. This move allows Unichain users and developers to transfer ETH and USDT directly between Kraken and Unichain, enhancing Kraken’s role as a liquidity hub for clients seeking multi-chain experiences.

kBTC stands out from other wrapped assets due to several key features. It is 1:1 backed by Bitcoin held at Kraken Financial, a Wyoming-chartered SPDI, ensuring full transparency. Users can view the onchain proof of reserves at any time. Additionally, kBTC is cross-chain, currently live across Ethereum, OP Mainnet, Ink, and Unichain.

kBTC is designed to power new innovations in the DeFi and cross-chain protocols, leveraging Kraken’s 13+ years of security and infrastructure excellence. The launch of kBTC on Unichain includes the provision of the kBTC Unichain smart contract and the BTC custody address, reinforcing Bitcoin’s position as the epicenter of the crypto industry. This development empowers crypto builders to explore new ways to utilize Bitcoin, pushing the entire ecosystem forward.

Kraken’s initiative aims to bring the power of Bitcoin to new networks, underpinned by the trust and security expertise Kraken has established over the last decade. The company believes that kBTC will reinforce Bitcoin’s position as the epicenter of crypto, empowering builders to explore new uses for Bitcoin and advancing the entire ecosystem.

Kraken invites users to join in this journey as they push the boundaries of what’s possible with Bitcoin, ensuring it remains the bedrock of the crypto industry for generations to come. For those ready to trade but do not yet have a Kraken account, the company encourages signing up today.