Crypto Exchange Kraken is Planning to Add Support for NFTs

Kraken is a cryptocurrency exchange operating out of San Francisco, California. The centralized exchange has been able to join the list of some of the largest exchange platforms around the world. The CEO of Kraken, Jesse Powell, was recently invited for an interview with Bloomberg.

During the interview, Powell explained that the company is currently working on a new NFT marketplace hosted on the exchange. He also added that the NFT marketplace is going to stand out from the rest since it will be able to provide the traders with advanced options. According to his explanation, the users will be able to use their NFT reserves as collateral for borrowing.

Speaking to the media reporters, Powell claimed that 2021 had been a great year for NFT adoption. He pointed out that the scope of NFTs has started to loom in industries outside of the tech and crypto markets. It is worth noting that sportspersons, politicians, musicians, artists, and other public figures have also taken an interest in issuing their NFT art collection recently.

Speaking on the novel features for NFT trading at Kraken, Powell explained that if a person adds a CryptoPunk in their wallet, Kraken will offer them the option to borrow more money against it. He opined that the NFT marketplace could show growth beyond the current expectations. He also added that Kraken is also hoping to extend its support to artists and wants to explore adding more utility to the blockchain product.

Recently, the exchange decided to enlist the Shiba Inu token on both its trading platforms. Reflecting on the decision, Powell added that Shiba Inu had become one of the tokens to gather a considerable amount of attention from social media users. He further explained that there are also other meme coins like Dogecoin that have started the hype around meme coin trading.

As per his remarks, the exchange decided to add SHIB to its listing because it has gathered a considerable amount of community traffic. He claimed that companies sometimes make the decisions keeping in view the speculation around the coins and demand among the investors.