Kraken to develop NFT marketplace
Enable collateralizing NFTs
Crypto exchange Kraken is developing a marketplace for NFTs that will appeal to customers who want to do more than just collect digital art.
According to a Bloomberg interview with Kraken Founder and CEO Jesse Powel, the marketplace will provide custody services, along with a possible system that will allow customers to use their NFTs as collateral to borrow funds against.
“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that,” he said.
It’s no surprise Kraken is entering the NFT space, as it will allow the exchange to compete with its competitors, including Coinbase, Binance, and FTX that are all developing NFT marketplaces.
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