ICYMI: Kraken CEO says forthcoming platform will enable NFT-collateralized loans
Kraken CEO Jesse Powell says the exchange's forthcoming non-fungible token platform will provide services to allow customers to extract additional value from their collectibles.that Kraken plans to offer custody services for NFTs, as well as the ability to use NFTs as collateral for loans.
Powell called the functional use of NFTs, such as NFT-collateralized loans,"phase three" of the growing ecosystem for digital art and collectibles. Phase one was speculation and phase two was buying art in a way that directly supported creators, according to Powell.through this month. At the time, a spokesperson told The Block that the platform would help take NFT activity"off-chain, which would help keep both minting and transaction fees down to a minimum.
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