Kraken develops new NFT marketplace with digital art lending option

Briefly:

  • CEO of crypto-exchange Kraken gave an extensive interview about the plans of the organization
  • Following Binance and FTX Exchange, the platform plans to create its own NFT marketplace
  • On it it will be possible not only to trade and store tokens, but also to take on the security of a collection of loans

In an interview with Bloomberg, the CEO of the Kraken crypto exchange Jesse Powell spoke about the company’s plans for next year. The firm is developing its own NFT marketplace with additional features for users.

In particular, we are talking about lending secured by a digital collection. This is how Powell sees the idea:

“If you post on our resource, say, CryptoPunk, then these tokens should have some kind of reflection of their value in your account. Especially if you want to borrow funds. ”

Kraken will develop its own valuation mechanism liquidity of digital assets used as collateral.

Powell said this was a landmark year for him in the field of non-fungible tokens. Against the backdrop of an ever-growing market, many crypto companies are interested in this segment. By the end of the year, tokens even surpassed cryptocurrencies in popularity.

The potential of this market was noticed by other major players. NFT’s integration plans have been announced, for example, by Instagram. Also, the gaming giant Ubisoft has its own platform for exchanging and buying tokens.

Powell believes the surge in popularity in the NFT market reflects his shift from speculation to buying digital art for collectibles and genuinely supporting artists. This will be followed by the stage of functional use of tokens and their comprehensive integration.

Also in an interview with the CEO of the crypto-exchange, he touched upon the introduction of the Shiba Inu meme-coin on the site. The reason for the integration was the popularity of the cryptocurrency. At the same time, Powell does not see any revolutionary technology in this asset.

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