Kraken is working on a marketplace where customers can take out loans backed by their NFTs
Krakenis working on a marketplace where customers could use their NFTsas loan collateral, according to a Bloomberg interview with CEO Jesse Powell.
- Powell told Insider in an interview earlier this month that Kraken was aiming to open an NFT marketplace as early as February.
"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," Powell told Bloomberg.
Powell was referring to the CryptoPunk collection of 10,000 pixel-art images that's considered a groundbreaking project for NFTs, or digital representations of art, music and other items that live on blockchains.
Kraken's marketplace would provide custody services and could appeal to people who want to do more with their NFTs beyond collecting, Powell said. He told Insider in an interview earlier this month that Kraken was aiming to open an NFT marketplace as early as February. Kraken currently serves 8.5 million customers, nearly doubling its base over the past year.
Bloomberg noted that Kraken's larger rivals Binance and FTX Exchange have started NFT marketplaces and
The cryptocurrency market boomed to a valuation of more than $3 trillion during 2021, in part as the NFT section of the market grew in value largely as digital art has grown in popularity. NFT sales could hit a record $17.7 billion in 2021, according to Cointelegraph Research.
Highlighting such growth, the 225-year-old auction house Christie's in March sold an NFT art piece for a record-breaking $69 million.
- I was working toward a promotion at Amazon when my manager started emailing me about needing coaching. Now I'm worried about losing my job.
- Google's head of mental health and wellbeing was among the 12,000 workers laid off by the tech giant
- Mercedes-Benz says it has achieved Level 3 automation, which requires less driver input, surpassing the self-driving capabilities of Tesla and other major US automakers
- Pakistan facing worst economic crisis ever as its rupee plunges, says Asian Lite report
- Inflation in India expected to come down to 5 pc in 2023 and 4 pc in 2024: IMF
- Sensex, Nifty50 fall erasing opening gains – six out of nine Adani Group stocks decline
- These are the brands that make shopping easy for customers
- Indian economy retains its crown as a bright spot: IMF report