Kraken Will Add NFT Market

December 17, 2021

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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Kraken, one of the leading Bitcoin exchanges, is planning a marketplace for non-fungible tokens (NFTs). The company’s CEO, Jesse Powell, revealed that the company is currently working on an NFT platform. Powell was quoted in an interview with Bloomberg’s Emily Chang on Tuesday. Powell also mentioned that the company is also working on NFTs related to various virtual worlds, including 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. These NFTs are just the tip of the iceberg, while Kraken is 8th most used exchange with $1,336,811,071 volume (24h) and 13,418,595 visits.

We’re seeing increasing interest in blockchain technology and cryptocurrency from industries and sectors outside of the financial markets. The NFT space is one of many potential use cases for this exciting new technology. He didn’t suggest a date by which the service may be launched.

Kraken Venture Fund I LP raised $65 million from Kraken and a group of institutional investors. It will focus on backing a number of areas of blockchain and crypto-technology, including financial infrastructure, DeFi, Web3, and consumer protocols. It will also enable AI and Machine Learning.

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