Kraken has introduced kHYPE, a wrapped version of HYPE, according to an official announcement cited by Odaily. The exchange said kHYPE is backed 1:1 by HYPE held in Kraken custody, and the reserves can be verified on-chain. Kraken also said the wrapped asset can be used in DeFi applications on the Ink blockchain. Holders are able to redeem kHYPE back into HYPE at any time. The update centers on product availability and on-chain reserve transparency, with Kraken framing kHYPE as a wrapped asset tied directly to custodied HYPE.
Kraken has listed kHYPE, a wrapped version of HYPE, according to an official Kraken announcement cited by Odaily.
Kraken said kHYPE is backed on a 1:1 basis by HYPE held in Kraken custody, and that the related reserves can be verified on-chain.
The exchange also said kHYPE can be used in DeFi applications on the Ink blockchain and can be redeemed back into HYPE at any time.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
