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Crypto exchange Kraken’s new NFT marketplace to issue loans
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Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a nonfungible token (NFT) marketplace that will enable users to borrow funds against their NFTs.
Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the feature to determine the liquidation value of an NFT and if it can be put up as collateral for a loan.
“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account," said Powell. "And if you want to borrow funds against that."
The value of NFTs, however, is all over the spectrum and only a small percentage of token owners hold a digital collectible valued for as much as a CryptoPunk,
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