With the launch of NFT exchange-traded funds, KuCoin is paving new pathways in the crypto space.
Based in Seychelles, KuCoin is making waves by launching NFT exchange-traded funds, which aim to boost the trading volume and accessibility of non-fungible tokens.
With over 20 million active users, KuCoin provides a diverse array of trading options, such as margin trading, peer-to-peer (P2P) fiat trading, spot and futures trading, as well as lending and staking services.
To bring their EFTs (exchange-traded funds) to life, KuCoin has teamed up with Fracton Protocol, which specializes in NFT liquidity infrastructure. This partnership will enable the fractional ownership of top-tier NFTs through the transformation into ERC-20 tokens.
Currently, the Fracton Protocol allows for the division of popular NFTs like CryptoPunks and Bored Ape Yacht Club into smaller ownership shares. Thanks to a recent update launched on July 29, the first centralized NFT exchange is now poised to support additional NFT collections, granting users the chance to own a share of premier NFTs at a fraction of the cost. Now, KuCoin users can also purchase sought-after NFTs using USDT.
KuCoin's CEO, Johny Lyu, remarked, 'We’re committed to providing our users with accessible products that facilitate seamless NFT investments. We are thrilled to be the inaugural centralized exchange to back NFT ETFs, allowing our users to trade and invest in leading NFTs directly with USDT. Our goal is to continually explore more NFT-related opportunities for our community.'
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