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Kraken is working on a marketplace where customers can take out loans backed by their NFTs
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Kraken
Cryptocurrency exchange Kraken is developing a marketplace where customers can use their non-fungible tokens as collateral for loans, according to a Bloomberg interview with CEO Jesse Powell.
«If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that,» Powell told Bloomberg.
Powell was referring to the CryptoPunk collection of 10,000 pixel-art images that's considered a groundbreaking project for NFTs, or digital representations of art, music and other items that live on blockchains.
Kraken's marketplace would provide custody services and could appeal to people who want to do more with their NFTs beyond collecting, Powell said. He told Insider
Read more on markets.businessinsider.comAbout this in other media
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