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Kraken CEO says forthcoming platform will enable NFT-collateralized loans

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Kraken CEO Jesse Powell says the exchange’s forthcoming non-fungible token (NFT) platform will provide services to allow customers to extract additional value from their collectibles. Powell told Bloomberg News that Kraken plans to offer custody services for NFTs, as well as the ability to use NFTs as collateral for loans.  Powell called the functional use of NFTs, such as NFT-collateralized loans, “phase three” of the growing ecosystem for digital art and collectibles. Phase one was speculation and phase two was …

Crypto exchange Kraken acquires staking startup Staked

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On Tuesday, crypto exchange service Kraken announced that it had acquired Staked, a non-custodial staking startup. Though details of the acquisition deal were not disclosed in the announcement, Kraken said that the acquisition was “one of the largest crypto industry acquisitions to date” and would help the exchange company “develop innovative new staking products for all our clients and expand the number of proof-of-stake networks supported on our platform.” “We are excited to add Staked to our portfolio of yield …

Kraken is launching an NFT platform ‘in the very near future’

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Crypto exchange Kraken is working on a platform to support non-fungible tokens (NFTs).  “NFTs are a fast-moving space and we are excited to begin offering services in this field in the very near future,” a Kraken spokesperson told The Block.  It is not clear which specific NFT services Kraken will offer, but the spokesperson said the exchange will help take some of the NFT activity “off-chain, which would help keep both minting and transaction fees down to a minimum.” Earlier …