Kraken Steps up its Game for its Nonfungible Token Operations

It was just recently when the CEO of Kraken had made an exciting announcement for the entire Kraken community. Jess Powell announced that they will soon be launching a marketplace for nonfungible tokens (NFTs).

With the growing market and demand for nonfungible tokens, almost every major firm within the crypto-verse is aiming to gain exposure within the NFT sector.

In recent months, other major crypto exchanges such as Binance and Coinbase have also launched their NFT marketplaces. Kraken is also following the same trend and it is set to offer a new marketplace for nonfungible tokens.

According to the exchange’s CEO, Kraken is going to step up its game by going beyond the feature of just offering NFTs. Powell has announced that through their NFT marketplace, they will also be launching a lending system for NFT users.

From the NFT marketplace, the users would not only have the ability of buying, selling, and exchange NFTs, but they will also be able to borrow funds. The users will be able to carry out the normal activities after the funds have been approved and provided by the Kraken marketplace.

Powell has revealed that through the marketplace, the users will be able to acquire a loan against the NFTs they make. This is something very unique and innovative that Kraken has launched for its users. The marketplace from Kraken will be able to attract many users to its platform and increase demand for nonfungible tokens.

Kraken is aiming to launch the marketplace for nonfungible tokens in the first quarter of 2022. Powell has revealed they are aiming to offer the loaning feature right from the beginning.

Powell stated that they are currently making a lot of progress with the particular feature. They aim to launch it in a way that as soon as a user adds an NFT. The price would start reflecting against it in their account.

This way, if a user wishes to borrow money against the NFT, they can do it easily and pay it back whenever they can.

The feature being launched by Kraken would revolutionize the NFT sector and offer something very profitable and advantageous for the users in near future.

Kraken is also aiming to reward its users for holding their NFTs and other digital assets into their Kraken accounts. This would be another passive feature that would prove profitable for the users of Kraken, and make them loyal clients of the exchange.

Kraken has been making a lot of progress when it comes to the adoption of NFT. In early December, Kraken had closed a funding round that helped it generate $15 million worth of funds. Kraken had announced that the funds would be dedicated to the development of new products and features within the NFT sector.