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Kraken plans to open an NFT marketplace

 


The Kraken crypto exchange is developing a marketplace for NFTs on which users can issue loans using the tokens as collateral

Kraken CEO and Founder Jesse Powell stated that the company is currently developing an NFT marketplace. However, he said it will have new features, including the ability for customers to use their digital collections as collateral to borrow money.

Kraken is working on a system to determine the liquidation value of the deposited NFT, he said in an interview with Bloomberg News:

“When you deposit a CryptoPunk on Kraken, we want to be able to show the value on the account. And if you want to borrow money for it. "

Powell also touched on the popular memecoin Shiba Inu's recent recording of Kraken. He noted that such additions are possible after increased user demand or when someone as influential as Elon Musk starts tweeting about them, referring to his affection for Dogecoin.

For Powell, the decision to launch the Shiba-Inu token was heavily dependent on customer interest. He said:

“There isn't any incredibly interesting new technology or anything; it's just a community-driven interest. It's basically a memecoin that gets community attention and sometimes you just have to list them. ”

Shiba Inu rose from a low of $ 0.00002820 on Dec. 20 to a high of $ 0.000040 today, before a slight setback and the price is currently at $ 0.00003850. Shiba Inu is still nearly 60% below its all-time highs.

Kraken is following major exchanges like Coinbase and FTX in developing an NFT market as the assets continue to grow in popularity. OpenSea, one of the most important marketplaces for NFTs, has handled a trading volume of just over $ 2 billion in the past 30 days, according to DappRadar data.

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