The post Centralized Exchanges Take the Spotlight appeared on BitcoinEthereumNews.com.

This week’s crypto market developments saw major announcements from leading platforms like Kraken, Coinbase, Polkadot, WazirX, and Bitget Wallet. Kraken introduced $kBTC, a Bitcoin-backed token aimed at expanding its utility across Ethereum and OP Mainnet. Meanwhile, Coinbase doubled leverage for perpetual futures trading, providing a boost for both retail and institutional traders. Polkadot’s partnership with Banxa and Polimec aims to bridge Web2 and Web3. Additionally, WazirX revealed 240,000 user wallets as part of a court order. Finally, Bitget Wallet joined forces with 1inch to enhance decentralized trading, reflecting the platform’s ongoing growth and user adoption. Keep reading till the end to know about the details of all these exciting news. Kraken Launches $kBTC: Bitcoin-Backed Token for Ethereum and OP Mainnet First of all, Kraken crypto exchange introduced $kBTC this week which is an ERC-20 token backed 1:1 by Bitcoin. This will give holders expanded opportunities to use their Bitcoin across Ethereum and OP Mainnet. Each unit of $kBTC is fully backed by Bitcoin in Kraken’s custody, ensuring security and transparency. Moreover, the token allows broader Bitcoin utility in decentralized applications (dApps). Kraken’s custody of $kBTC is safeguarded by Kraken Financial, a Wyoming-chartered institution, providing regulatory support. The $kBTC smart contract was audited by Trail of Bits, ensuring a secure platform for users. With future compatibility for non-EVM ecosystems and partnerships with platforms like deBridge and Yearn, $kBTC is set to play a key role in the expanding DeFi space. Coinbase Increases Leverage to 20x for Perpetual Futures Trading Coinbase has boosted leverage for perpetual futures trading, now offering up to 20x leverage for eligible retail and institutional traders. This upgrade, shared on Coinbase’s official channels, allows users to maximize positions and potential profits, doubling the previous limit of 10x. Institutional traders can access the increased leverage via Coinbase International Exchange,…

---

Filed under: News - @ October 20, 2024 7:20 am