Kraken, a cryptocurrency exchange that is a leader in the industry, has just announced its own Bitcoin wrapped token, kBTC. According to the exchange, the new token would be launched on the OP Mainnet and Ethereum. CoinDesk.
Coinbase made a similar move earlier this year. It was a similar offer that had been officially launched. went live in early September. These efforts also seem to indicate a rising demand for Bitcoin, which is expected to maintain its current 202 percent increase throughout the month of October.
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Crypto Exchange Kraken Launches Wrapped Bitcoin Offer
Bitcoin is already having a big year. Three months after it was launched, the ETF became the world’s first cryptocurrency-based ETF. That is expected to continue with ‘Uptober’ upon us and the crypto market projecting yet another record surge for the asset.
Exchanges have responded to the growing demand by increasing their BTC offerings. Kraken is one of the exchanges that has announced its own Bitcoin wrapped offering, kBTC. A report states that the token will launch on Ethereum as well as the OP Mainnent.
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According to the report, both Araswap as well as Morpho will support this launch. Kraken Financial will also be storing the BTC in an exclusive wallet. Although, it is reported that the address would be made publicly available to improve transparency and increase confidence among investors.
Bitcoin’s popularity is expected to grow even further. Bitwise CIO Matt Hougan Recent predictions predicted that the asset would reach a record high of $200 000 by 2025. The continued rise in prices is a result of its increasing adoption by the financial sector.
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Source: watcher.guru
