Cryptocurrency exchange KuCoin has partnered with infrastructure provider Fraction Protocol to list five NFT exchange-traded funds (ETFs).
KuCoin’s NFT ETF Trading Zone went live on Friday 29 July. The ETFs are available through direct purchases with Tether (USDT), instead of Ethereum (ETH).
The exchange announced that the collaboration with Fracton Protocol aims to help more than 20 million KuCoin users access blue chip NFTs.
Through this partnership, the five NFT EFTs cover Koda NFTs (hiKODA), hiSAND33 and hiENS4. Alongside CryptoPunks (hiPUNKS) as underlying assets.
However, starting on Friday the NFT trading zone will first support hiBAYC token trading which enables users to own shares of native blue-chip NFTs, the exchange said.
KuCoin has been focused on developing itself in the NFT sector for some time. In April, the exchange launched Wonderland, an interactive NFT platform for traditional and crypto gaming, which gives users the experience of centralized buying, investing and managing in-game NFTs.
In May, the company paved the way for Windvane, the NFT marketplace providing an NFT launchpad, NFT minting, management, and trade (among other services).
KuCoin CEO Johnny Lyu said: “KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments.”
As the company strives to expand NFT establishment in the market by easing the investment threshold of digital collectables, this new ETF NFT marks an important achievement for the exchange.
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