Nearly two years after the platform was launched, Crypto Exchange Kraken will shut down its NFT market, saying it is transferring more resources to new products and services.
A statement from a Kraken spokesperson said: “Customers have been informed of these changes and our team will support NFTs when moving them to a Kraken wallet or a self-monitoring wallet of choice.”
NFTS or unsensual tokens are blockchain certificates that confirm ownership of a specific asset and have not rebounded like the crypto bear market in 2022, like the main marker like Bitcoin. But, like other markets, they have rallied since pro-Clestot candidate Donald Trump won the presidential election three weeks ago. The BBB Chip NFT Collection Index has risen 90% since the day before the election, but is still down 81% from its April 2022 high.
Kraken made a wider restructuring of the company last month, including the appointment of a new CFO and co-CEO, and a 15% reduction in its workforce. San Francisco Bay Area-based Exchange also recently announced plans to launch a blockchain called INK early next year for a decentralized application that allows transactions, borrowing and lending without intermediaries. Ink will use similar technologies to Coinbase Global Inc.’s Defi platform.
Kraken is one of the oldest cryptocurrency exchanges and has been expanding in new product spaces and markets as it continues to consider a potential IPO. Earlier this year, Bloomberg reported that the private company was considering a final round of funding ahead of its IPO.
Kraken founder Jesse Powell said in an interview late 2021 that the exchange is working on the NFT market and the exchange can attract customers who want to do more than just collect digital art, such as providing Guardianship services, even allow customers to use their NFTS as collateral for borrowed funds. The platform will be open to the public in December 2022.
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