The company will be among the largest cryptocurrency exchanges to do so.
- Kraken CEO Jesse Powell announced that his exchange plans to introduce an NFT trading marketplace.
- Powell drew attention to the rising popularity of Metaverse NFTs, such as virtual land parcels and digital items.
- Other exchanges—including Binance, FTX, and Coinbase—have introduced NFT marketplaces or are planning to do so.
Kraken founder and CEO Jesse Powell has revealed that his exchange will soon support non-fungible tokens (NFTs).
Kraken Is Planning NFT Marketplace
“We’re working on an NFT platform right now to give investors exposure to the burgeoning NFT market,” Powell stated during an interview with Bloomberg’s Emily Chang on Tuesday.
Powell also drew attention to the “tremendous amount of activity recently around NFTs…related to various Metaverses.” He noted that this category includes NFTs for virtual worlds, such as land parcels, digital clothing, and proof-of-membership tokens.
This includes projects from Metaverse-focused companies like Meta and The Sandbox as well as from partners like Pepsi and Adidas.
“We think this is going to get to be a bigger and bigger thing and…we want to be in front of that for people,” Powell said.
In September, Kraken published a research report suggesting that NFTs were responsible for 49% of gas burnt, making them the “main attraction on Ethereum.” It also recently published a broader overview of the technology.
Other Exchanges Have Embraced NFTs
Other crypto exchanges have previously taken advantage of NFT trading. FTX launched its own NFT marketplace in October and expanded to support Ethereum NFTs this month. Binance, meanwhile, introduced its own NFT marketplace in June. Coinbase has also announced an upcoming NFT marketplace with more than 1.5 million users enrolled as of October. Huobi also launched a trial for its own NFT platform in November.
If Kraken succeeds in launching an NFT marketplace, it will be among the largest cryptocurrency exchanges in the world to do so. Kraken handled $1.4 billion in trading volume over the past 24 hours, making it the ninth-largest exchange by that metric.
Powell did not suggest a date by which the service may be launched.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Kraken Faces $1.25 Million Fine From CFTC
Kraken has been fined by the U.S. Commodity Futures Trading Commission, according to a statement from the regulator. Kraken Illegally Offered Futures Trading The CFTC’s Sept. 28 statement says that…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…
Kraken CEO Expects Stock Market Listing by End of 2022
Kraken’s founder and CEO Jesse Powell discussed the firm’s plans to go public “in the next 12 to 18 months.” He also shared positive sentiments about market conditions and commented…
Kraken Becomes The First Crypto Exchange to Obtain Banking Charter
Kraken has obtained the approval to conduct many traditional banking services alongside operating as a crypto exchange. Wyoming has granted the license under Special Purpose Depository Institution (SPDI), specially formulated…