Regulation of processes involving cell contact and adhesion such as growth control, tumor invasion, and metastasis. Negative regulator of EGFR signaling pathway. Forms complexes with beta-catenin and gamma-catenin/plakoglobin. Beta-catenin may be a substrate for the catalytic activity of PTPRK/PTP-kappa. H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate High levels in liver and kidney. Lower levels in lung, brain and heart. Not seen in spleen and testis. Developmentally regulated with highest expression found in developing areas or in areas capable of developmental plasticity. This protein undergoes proteolytic processing. Belongs to the protein-tyrosine phosphatase family. Receptor class 2B subfamily.