Kraken to Develop NFT Marketplace Offering Token-Backed Loans

Posted on by American Coins & Gold

Kraken to Develop NFT Marketplace Offering Token-Backed Loans
Crypto exchange Kraken is developing a marketplace for non-fungible tokens (NFTs) where users can arrange loans using the tokens as collateral, the exchange’s founder and CEO Jesse Powell said in a Bloomberg News interview published Friday.The marketplace will provide custody, and the exchange is figuring out how to determine the liquidation value of NFTs deposited so that users can use them as a collateral for loans, Powell said.Kraken follows major exchanges like Coinbase and FTX in developing an NFT market as the assets continue to soar in popularity. OpenSea, one of the most important marketplaces for NFTs, conducted just over…