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Kraken unveils NFT Marketplace Plans: Here’s What Makes It Unique

Kraken currently works on a model that will determine the liquidation price of NFTs prior to use as backing for loans Digital asset trading platforms are the latest institutions to enter the NFT space through opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Jesse Powell, Kraken’s CEO, stated…

Kraken currently works on a model that will determine the liquidation price of NFTs prior to use as backing for loans

Digital asset trading platforms are the latest institutions to enter the NFT space through opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Jesse Powell, Kraken’s CEO, stated that his exchange is working to create a platform that would allow investors to access the NFT market.

A Bloomberg post published today has now provided more information on the planned launch. Bloomberg reported that Powell, the exchange’s founder, said that the proposed marketplace would interest investors seeking something more than just collecting digital art. The marketplace would offer custodial services, and users could also request loans based on digital collectibles.

NFTs have other utilities beyond aesthetic value

Powell said that Kraken is developing a system to facilitate such transactions. Before the requested amounts could be released, the exchange would first determine the art’s liquidation value.

” If you make a CryptoPunk deposit on Kraken, we will be able reflect that value in your account. He also said that you can borrow funds against the ,”.

The CEO also spoke about the evolution of NFTs. He said that although they were around for some time, it took them a while to become mainstream. While digital art was primarily a collector’s item that can be displayed or flaunted, he stated that assets are evolving to offer other utility options in the new year. This includes using NFTs to secure crypto loans or stablecoins.

“Phase 1 was speculation. Phase 2 is about buying art and supporting artists. Phase 3 is about functional uses of NFTs ,” Powell noted.

In offering NFT collateralisation, Kraken follows crypto lending platform Nexo’s announcement last week of the launch of a lending desk. Antoni Trenchev, the platform’s CEO, stated that lending services like Nexo’s will play an important role in obtaining value from NFTs. This is without the owners having to relinquish ownership.

Crypto exchanges are loving NFTs

Kraken may have taken a while to create an NFT marketplace but it was long overdue. The exchange has been stalking the NFT space for months now, having released a series of reports such as the finding of NFT projects’ dominance of Ethereum activity.

Its peer cryptocurrency exchanges, such as Binance and FTX have launched marketplaces. Coinbase, on the other hand, is building up a large waitlist for its market next year. These centralised entities are competing with OpenSea, the dominant non-custodial marketplace.

Bitcoin

Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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Bitcoin

The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.