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Kraken Set To Let Users Borrow Funds Against Their NFTs
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US crypto exchange Kraken is working on a new functionality which would enable its users to borrow funds against their non-fungible tokens (NFTs), according to the company's 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, explaining the exchange was developing a system that would determine the liquidation value of users’ NFTs.
The exchange’s forthcoming NFT marketplace will also provide custodial services to its users.
The latest development comes as a number of crypto exchanges are intensifying their efforts to accommodate more business from NFT owners and to integrate new NFT-oriented features
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