Crypto
Kraken Launches kHYPE Token to Boost Hyperliquid Liquidity
Kraken has launched kHYPE, a token fully backed by Hyperliquid (HYPE), allowing its use as collateral in DeFi on the Ink platform. This development encourages liquidity movement between Kraken and Ink without redemption fees.
A whale investor recently staked 1.89 million HYPE tokens, removing them from the market and signaling strong confidence in the asset.
The recent integration of Hyperliquid with BitGo's self-custody hot wallets using WalletConnect has also eased institutional perpetual futures trading on the platform, eliminating the need for signing each transaction or paying onchain gas fees.