Kraken Wraps Hype in New Token

Kraken Wrapped HYPE (KHYPE) is a wrapped token issued by Kraken, backed 1:1 by native HYPE held in custody by Kraken Financial. This Wyoming-chartered Special Purpose Depository Institution (SPDI) ensures the security of the underlying asset.

The KHYPE token can be withdrawn from Kraken as kHYPE on Ink, and clients can post it as collateral on Tydro to borrow USDC. Conversely, depositing kHYPE converts it back to HYPE 1:1. However, it is not tradeable on the Kraken exchange.

The total market capitalization of KHYPE stands at $4.11M, with an all-time high price of $87.54 and an all-time low of $87.48.