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KuCoin enters the marketplace race for NFT

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KuCoin Enters NFT Market with the Plan of Launching NFT Exchange

KuCoin enters the marketplace race for NFT

KuCoin enters the marketplace race for NFT
CONTENT

  • KuCoin Exchange Joins NFT Hype Despite Recent Hack

  • Marketplace founder claims NFT entry threshold is still high

  • The first NFT asset supported by KuCoin was the Dego.Finance project token

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Cryptocurrency exchange KuCoin has decided to join the hype around NFT by launching its own marketplace for non-fungible tokens

Cryptocurrency exchange KuCoin announced the launch of its own marketplace for non-fungible tokens (NFT). This was announced in the company’s official press release. The liquidity exchange service Pool-X will serve the NFT turnover.

KuCoin enters the marketplace race for NFT

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The first supported NFT asset was a token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More Dego.Finance projects. Dego.Finance is a standalone NFT ecosystem where users can issue their own NFTs, initiate mining, auctioning, trading, etc. Users can already deposit Dego.Finance tokens on Pool-X, and withdrawals will be available from November 20th. The actual launch of a separate marketplace for non-fungible tokens will take place in the next few months.

KuCoin notes that non-fungible tokens are still at the beginning of their development and many are not familiar with the new market. By creating a separate marketplace, KuCoin intends to popularize NFT and lower the threshold for entering the market.

Endless trend

The founder of the KuCoin cryptocurrency exchange Johnny Liu argues that despite the great potential, the NFT market has not received enough attention so far.

“Moreover, it [the NFT market] has many use cases in insurance, bonds and other fields. It may even form the basis of the virtual world of real things on the blockchain, ”said Liu.

The launch of a separate platform for the still young market comes just a couple of months after KuCoin was hacked in late September. Then the exchange said that the leak of the private keys of hot wallets became the reason for the theft of assets..

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KuCoin enters the marketplace race for NFT

In total, cybercriminals stole nearly $ 280 million worth of cryptocurrency assets.In November, Liu said that the exchange had managed to recover 84% of the stolen cryptocurrencies after the September attack using on-chain tools, smart contract updates, and lawsuits.

However, KuCoin is far from the first on the market who decided to start creating a separate infrastructure for NFT. BeInCrypto previously reported that one of the oldest crypto exchanges in India will also launch an NFT asset marketplace. According to the head of the Zebpay exchange, in 2020 the total volume of the global NFT market reached $ 100 million, and it is expected to continue its growth exponentially..

Decentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More – read the BeInCrypto resource.

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