Kraken will launch an NFT exchange to issue loans

Need a loan but you want to use your NFT as collateral? No problem, Kraken’s got you! The cryptocurrency exchange Kraken is developing a non-fungible token marketplace that would provide custody services, and considers a system where customers can use their NFTs as collateral to borrow funds against, Kraken Founder and CEO Jesse Powell told Bloomberg in an interview.

“If you deposit a CryptoPunk on Kraken, we want you to be able to reflect the value of that in your account,” said Powell. The exchange is “working on a system to determine the liquidation value of the NFT deposited,” he added.

The push into NFTs allows Kraken to rival with OpenSea, one of the largest NFT marketplaces that do not custody assets.

In the future, Powell expects the use cases for NFTs to grow in 2022, he told Bloomberg. This comes at a time when “NFT” global searches exceeded “crypto” and “bitcoin” for the first time ever last week.

How do you like this NFT project?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Are You a Project Owner?


Add @NFT_Vibe to your Twitter giveaway and you will get our BOOST PROMO PACKAGE for free which includes:

  • Listing as featured project on homepage for 24h
  • Listing in TOP projects on every inner page for 24h
  • Personalized email alert to all 48K subscribers
  • Two Tweets per 24h
  • Unlimited edits to your event
For more details click here or get in touch with us on Twitter @NFT_Vibe.


GIVING AWAY (wl, nft or etc)🚨

1️⃣ Like, RT
2️⃣ Follow @(your project name) @NFT_Vibe
3️⃣ Tag friends (unlimited entries)

(Your project picture here)