Powell stated that the company intends to join the NFT industry in early 2022 and hopes to provide a function that will allow users to calculate an NFT’s liquidation value and whether it can be used as collateral for a loan.
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NFT utility, according to Powell, will explode in 2022:
Launched in 2011, Kraken, according to CoinMarketCap data, has grown to become one of the largest cryptocurrency exchanges in the world, ranking among the top in terms of average liquidity, volume, and digital asset reserves.
As additional DeFi platforms, such as Arcade and Nexo, provide this new lending model, Kraken’s announcement highlights how NFT-backed loans are becoming more frequent. Arcade secured a $15 million investment round in December, according to Cointelegraph, as part of a larger push to expand its offerings and entice additional investors to its surety-based NFT platform.
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Source: Cryptocurrency - investing.com
