Cryptocurrency News

Kraken CEO Hints at the Launch of a Native NFT Marketplace

By December 17, 2021 No Comments

Key takeaways:

  • During his appearance on Bloomberg, Kraken CEO Jesse Powell revealed the exchange is preparing to launch an NFT marketplace
  • Top centralized exchanges are increasingly tapping into the growing NFT market – Binance and FTX have already launched their NFT marketplaces, Coinbase’s solution is in development

Leading centralized digital assets exchanges, including Binance and FTX, have already started tapping into the growing non-fungible tokens (NFTs) sector with the launch of specialized NFT marketplaces earlier in the year. Kraken could soon be joining the list.

Kraken’s NFT marketplace to include metaverse digital collectibles, and more

When talking with Bloomberg’s Emily Chang on Wednesday, Kraken founder and CEO Jesse Powell revealed Kraken could soon be launching its NFT platform “to give investors exposure to the burgeoning NFT market.”

According to Powell, one of the largest digital asset trading companies is looking to feature metaverse-focused NFTs, such as custom digital attire and land plots from leading crypto gaming and NFT companies, including Meta and The Sandbox (SAND). He also said that the exchange would likely feature unique digital items from “traditional” companies such as Adidas and Pepsi.

While Powell’s statements seem to suggest that the Kraken NFT marketplace is almost certainly launching, the CEO was reluctant to share when.

Kraken will be facing stiff competition once its NFT offering enters the market. The largest cryptocurrency exchange, Binance, was the first to enter the rapidly developing sector in June, followed by FTX. The publicly traded US-based crypto exchange Coinbase is also developing its own NFT solution, which is reportedly “coming soon.”

Earlier today, Kraken’s independent investment arm Kraken Ventures announced it raised $65 million from a group of institutional investors. The newly acquired capital will be used to provide backing to companies developing fintech, Web3, DeFi, AI, and Machine Learning systems.