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Cyberus Develops Open-Source KVM Backend For VirtualBox
(www.phoronix.com)
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Yes but from the looks of it, this isn't using the libvirt backend, so you won't be able to use/configure your Box VMs with virt-manager/Cockpit, in case you were planning on doing that - aka it's not going to turn VBox into yet another fronted for libvirt. But it does indeed use KVM.
Putting aside the easier-to-use GUI, it has certain unique features not found in other opensource hypervisors, such as seamless mode. Also, it may have better compatibility or performance with certain operating systems - for instance, when I wanted to test GhostBSD on virt-manager, I ran into lot of issues, such as not being able to install it in UEFI mode, mouse not working etc; whereas it ran and installed without any issues at all using VirtualBox.