KuCoin is the first centralized exchange to launch an NFT ETF

On July 29, a global cryptocurrency exchange announced that its NFT ETF Trading Zone would open for business. Over 20 million people will be able to use the new service, which aims to make NFT assets more liquid and reduce the amount of money needed to buy blue-chip NFTs.

With the NFT ETF, KuCoin is the first centralized crypto exchange to handle such securities. KuCoin is also the first market participant to release an ETF that is based on USDT and identifies certain blue-chip NFT assets. The new Trading Zone will make blue-chip NFTs available to a wider range of investors who want to buy them. In collaboration with Fracton Protocol, the KuCoin NFT ETF Trading Zone will start out with 5 NFT ETFs covering hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets.

In the Fracton Protocol’s BAYC Meta-Swap, hiBAYC is an ERC-20 token that represents 1/1,000,000 ownership of the target BAYC. The KuCoin NFT ETF Trading Zone will start out by letting people trade hiBAYC tokens, which will let them buy a portion of native blue-chip NFTs. In the future, KuCoin will put out more NFT ETFs in partnership with the business department of the Fracton Protocol.

The KuCoin NFT ETF Trading Zone is a big step forward for the exchange’s efforts to speed up the growth of a mature NFT market by making it easier to invest in high-potential and top NFTs in the crypto sector. It also gives you a great trading experience with world-class liquidity, a better way to take part in top NFTs by buying them directly with USDT instead of ETH, and you don’t have to worry about keeping OpenSea, wallets, and smart contracts up to date.

KuCoin has been interested in the NFT market for a long time, as shown by the launch of Wonderland in April, which is an interactive NFT launch platform for crypto and traditional gaming. Wonderland makes it easy for customers to buy, invest, and manage their in-game NFTs in a single, streamlined place. Windvane, another NFT marketplace with NFT launchpad, NFT mint, trading, management, and many other services, came out in May.

“As a trading platform that is maintaining its rate of penetration in the NFT sector, KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments. We are very excited to become the first centralized crypto exchange to support NFT ETFs that allow users to conveniently invest and trade top NFTs directly with USDT. In the future, KuCoin will keep exploring more NFT-related products for our users.” said Johnny Lyu, the CEO of KuCoin.

Information about KuCoin

KuCoin was started in September 2017 and is a cryptocurrency exchange that works all over the world. Its headquarters are in Seychelles. It has more than 700 digital assets and now offers spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to over 20 million members in 207 countries and territories. It is a user-oriented platform that focuses on inclusion and community action reach.

KuCoin got more than $150 million in pre-Series B funding in 2022, bringing its total investments to $170 million, worth a total of $10 billion, when Round A was added to it. CoinMarketCap says that KuCoin is one of the top five cryptocurrency exchanges right now. Forbes also said that KuCoin would be one of the best cryptocurrency exchanges in 2021. KuCoin was named the Best Crypto App for Enthusiasts by The Ascent in 2022.

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The post KuCoin is the first centralized exchange to launch an NFT ETF appeared first on NFT News Pro.

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