Kraken Wrapped HYPE KHYPE

kHYPE is a wrapped token issued by Kraken, backed 1:1 by native HYPE held in custody by Kraken Financial, a Wyoming-chartered SPDI (Special Purpose Depository Institution). Clients withdraw HYPE from Kraken as kHYPE on Ink, and can post it as collateral on Tydro to borrow USDC. Depositing kHYPE converts it back to HYPE 1:1. kHYPE is not tradeable on the Kraken exchange — the only way to acquire or exit it is via withdrawal/deposit.