Kraken Introduces kHYPE Wrapped Token for DeFi Applications on Ink

Kraken announced kHYPE on September 8, 2026, introducing an ERC-20 token designed to represent HYPE across networks.

The exchange says each kHYPE token is backed 1:1 by HYPE held in Kraken custody. At launch, Kraken says kHYPE can be used with decentralized applications on Ink.

What Kraken says kHYPE is

Kraken describes kHYPE as a cross-network-compatible ERC-20 token. The token is intended to represent HYPE on networks beyond its native environment.

According to Kraken, the reserve model holds one unit of HYPE in its custody for every kHYPE in circulation. This is Kraken's stated backing arrangement rather than an independent assessment of the token's reserves.

Ink support at launch

Kraken says kHYPE launched with support for decentralized applications on Ink. The announcement positions the token as a way for users and applications on Ink to access a representation of HYPE.

The company also provides links to the kHYPE smart contract on Ink and to a Hyperliquid HYPE custody address, enabling users to review the relevant onchain information.

Reserve verification

Kraken says onchain reserve verification is available for kHYPE. The linked contract and custody address provide reference points for comparing kHYPE activity with the HYPE Kraken says it holds in custody.

Users assessing wrapped assets may wish to review the available onchain records and the issuer's terms before using the token. This article does not constitute financial advice.

Wrapped tokens can extend an asset into applications that do not support its native network directly, but users still depend on the issuer’s custody process and the accuracy of the minting and redemption mechanism. That makes transparent reserve addresses and contract verification especially important when assessing this type of product.

Readers can follow Kraken news and exchange updates on BTCNews. For broader context on the company’s history and market position, see our overview of Kraken’s development as a global crypto exchange.

Sources

• Kraken Blog: Introducing kHYPE
• Ink: Ink Explorer
• Hyperliquid: Hyperliquid App

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