This week, the giant crypto exchange platform Kraken confirmed the upcoming launch of its dedicated NFT marketplace. The announcement comes after a very successful year for Kraken. In fact, the company had been working for this amount of success for over 10 years, Chief Executive Officer Jesse Powell revealed.
How will the Kraken NFT marketplace work?
In short, the Kraken NFT marketplace will focus on NFT collectors wanting to use their digital assets for more than trading. As a result, the upcoming platform will offer custody services too. This means that you can deposit your valuable non-fungible tokens via Kraken. What’s more, you can even use it as collateral, as it follows:
“If you deposit a CryptoPunk on Kraken, we want to reflect the value of that in your account. And if you want to borrow funds against that, Kraken is working on a system to determine the liquidation value of the NFT deposited,” Powell says.
The Kraken innovative marketplace system might skyrocket the platform to success as the NFT industry has exploded in recent months.
The platform’s roaring 2021 success
Today, Kraken is among the most successful crypto exchange platforms worldwide. However, the company barely dreamed about such achievements when it was founded back in 2011. In fact, the group was struggling to sell Bitcoin, Powell recalls.
Thanks to the NFT boom, though, Kraken skyrocketed to success in 2021 – and with its new marketplace, this might be just the beginning.
“I guess it took the right combination of events, something really popular like NBA Top Shot that really got people talking about it,” Powell believes.
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