Crypto exchange kucoincom is offering customers fractional NFT ownership of blue-chip collections in the form of an exchange-traded fund. IanAllison123 reports
The ERC-20 tokens contained within KuCoin’s NFT funds represent 1/1,000,000 ownership of the BAYC collection, for example, denoted by a hiBAYC token. To start, KuCoin’s “NFT ETF Trading Zone” will first list 5 NFT ETFs covering hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets as a beginning, the company said in a press release.
As well as lowering the bar for retail investors, using the fund removes the need to manage NFT infrastructure elements, such as wallets and smart contracts, KuCoin added. “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 KuCoin CEO Johnny Lyu in a statement.
KuCoin currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 20 million users in 207 countries and regions.in a Series B funding round led by Jump Crypto, which valued the exchange at $10 billion.
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