Alternative Investments/Digital: The KuCoin Crypto Exchange Launches An ETF Zone For NFTs
KuCoin becomes the first centralized exchange to launch NFT ETFs to support blue-chip NFT investments.
Seychelles head-quartered, global cryptocurrency exchange KuCoin announced July 29 the launch of its NFT ETF Trading Zone that will allow the listing of 5 NFT ETFs covering hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets as a beginning. The ETFs shall be denominated in USDT, another first for KuCoin, rather than Ether (ETH). The exchange intends to improve the liquidity of NFT assets and lower the investment threshold of blue-chip NFTs for over 20 million users, as well as alleviate risks of holding these assets individually. (Businesswire)
The ETFs are launched in partnership with Fracton Protocol.
The first ETF to debut on the Trading Zone on July 29, is hiBAYC, an ERC-20 token representing 1/1,000,000 ownership of the target Bored Ape Yacht Club (BAYC) in the BAYC Meta-Swap of the Fracton Protocol.
hiPUNKS will list on August 4, while the other three ETF listings will be announced later.
“The launch of the KuCoin NFT ETF Trading Zone gives the exchange a significant boost in its efforts of accelerating the establishment of a mature NFT market by lowering the investment threshold of high-potential and top NFTs in the crypto industry,” KuCoin said in a statement. “Moreover, it also provides an exceptional trading experience with world-class liquidity, a better way to invest in top NFTs through direct purchases with USDT, instead of ETH, and without concerns about managing NFT infrastructure elements, such as OpenSea, wallets, and smart contracts.”
Related Story: Defiance Launches The First NFT-Focused ETF
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