Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the cryptocurrency exchange will launch a non-fungible token (NFT) market that will allow users to borrow against their NFTs.
Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the function to determine the liquidation value of an NFT and whether it can be placed as collateral for a loan.
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“If you deposit a cryptocurrency with Kraken, we want to be able to reflect the value of that in your account,” Powell said. “And if you want to ask for a loan against that.”
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