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COINTURK NEWS > Altcoin News > Kraken Introduces a New Product to Use Bitcoin on Ethereum Network
Altcoin News

Kraken Introduces a New Product to Use Bitcoin on Ethereum Network

In Brief

  • Kraken's KBTC allows Bitcoin use on the Ethereum network.

  • KBTC enables Bitcoin holders to access DeFi applications easily.

  • KBTC provides faster transaction confirmations compared to Bitcoin.

Ömer Ergin
Ömer Ergin 7 months ago
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Cryptocurrency exchange Kraken has launched a new product that allows Bitcoin $103,521 to operate on the Ethereum $2,596 network. As announced on October 17, users of the platform can now utilize a “wrapped” Bitcoin token named KBTC. This innovation aims to facilitate Bitcoin holders’ access to decentralized finance (DeFi) applications on the Ethereum network.

Contents
What is KBTC and How Does It Work?Differences Between wBTC and KBTC

What is KBTC and How Does It Work?

KBTC is a token released by Kraken, backed one-to-one by Bitcoin. It represents Bitcoin that has been made available for use in Ethereum network applications. Thus, one KBTC trades at the equivalent of one Bitcoin, allowing users to participate in Ethereum-based DeFi applications without needing to sell their Bitcoin directly.

This new system eliminates the technical barriers that previously restricted Bitcoin holders in the DeFi space. With KBTC, Bitcoin holders can use their assets as collateral to obtain loans, trade, or access other financial products.

Differences Between wBTC and KBTC

KBTC functions similarly to the previously released wBTC. Launched in 2019 within the Ethereum ecosystem, wBTC is also one-to-one backed by Bitcoin. However, the fact that KBTC is offered directly by Kraken provides a distinct advantage for its users.

KBTC offers faster transaction confirmations on the Ethereum network compared to Bitcoin, which is a significant advantage. While transactions on the Ethereum network occur in about 15 seconds, the confirmation time on the Bitcoin network takes around 10 minutes.

Kraken’s move aims to bridge the technical gap between Bitcoin and Ethereum networks, facilitating interaction between the two blockchain systems.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 17 October, 2024 - 3:25 pm 17 October, 2024 - 3:25 pm
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