- Cryptocurrency exchange Kraken has launched its NFT marketplace with support for over 250 collections across Ethereum, Solana, and Polygon blockchains.
- Despite the ongoing regulatory scrutiny over crypto exchanges, Kraken continues to operate in Canada, gaining a market edge with a 25% increase in customer deposits following the exit of competitors.
Kraken, a prominent cryptocurrency exchange, has officially launched its Non-Fungible Tokens (NFT) marketplace after its beta phase. The platform now supports more than 250 NFT collections spread across the Ethereum, Solana, and Polygon blockchains.
In November, the company introduced a public beta version of its NFT platform. Initially, it provided support for a handpicked selection of 70 NFT collections across Ethereum and Solana. The public launch is an expansion of this, including not only elite projects like CryptoPunks and Bored Ape Yacht Club but also more affordable collections available for under $100.
One unique feature of the Kraken NFT marketplace is its policy to not charge gas fees from customers trading NFTs on the platform. However, the company notes that gas fees will apply when transferring NFTs and other crypto assets onto and off the Kraken platform.
Kraken’s marketplace gives users the flexibility to transact in either fiat currency or cryptocurrency. Each listing comes with a built-in rarity ranking. Currently, the platform supports MetaMask and Solana’s Phantom wallet, with plans to integrate WalletConnect in the future.
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This strategic move by Kraken occurs amidst increased regulatory scrutiny facing the crypto industry. While US exchanges grapple with lawsuits from the U.S. Securities and Exchange Commission (SEC), Canada recently tightened its digital asset trading regulatory framework.
Despite this, Kraken has chosen to remain in Canada, even as competitors like Binance and OKX announced their exits. This decision has allowed Kraken to take advantage of the shifting market dynamics, leading to a 25% surge in its customer deposits in the weeks following the departures of its competitors. Moreover, Kraken continues to cater to U.S. customers, albeit with some state-wise trading restrictions.
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