Kraken Exchange CEO Wishes You to Commit to CryptoPunk

Kraken Founder and CEO Jesse Powell said the cryptocurrency exchange creates an NFT business that will appeal to consumers who don't want to print digital images.

According to Powell, the market will provide monitoring services and the exchange has decided the process by which consumers can borrow NFTs to market their products.

“If you deposit cryptopunk with Kraken, you want that value to affect your account,” he told Bloomberg News.

For Powell, who joined the Kraken in 2011, that was the year the NFT finally entered big business, and it was part of the history of the industry.

This year has seen many new entrants to the cryptocurrency ecosystem. And, from retailers to trading companies, there are many people who understand cryptocurrency through NFTs.

Powell said, “It's a little scary,” during Bitcoin's first decade, we tried to sell why people should care about Bitcoin. "He explained that in the early days of cryptocurrencies, developers already had the idea of ​​NFT when they said 'full' metadata for the location of the Bitcoin blockchain." It requires a mix of events like the NBA. . I think Top Shots actually talking about it. "

Jesse Powell, PDG de Kraken

NFTs will be a staple for most of 2021 and can be a way for wealthy cryptocurrencies to share their beloved personal photos on Twitter, but Powell expects NFT's use case to be huge. . next year.

President Powell said, “The first step is thinking, the second step is buying art and supporting artists, and the third step is using NFTs. He said the use of NFTs in Kraken's commercial applications could be one such application.

As a result of this acquisition, major competitors such as the Binance and FTX exchanges started trading the NFT, and millions of people signed up for Coinbase Global Inc.'s NFT on hold. Kraken said he hopes to attend the NFT conference early next year. OpenSea is one of the largest NFT companies. The company does not store assets, but increases competition.

Kraken's consumer spending nearly doubled to 8.5 million last year, but still lags behind its biggest competitors. On Thursday, Binance sites' 24-hour market volume traded around $ 18 billion, while Coinbase's volume reached around $ 3.7 billion. According to data from CoinmarketCap, Kraken's market share over the same period is estimated at $ 1 billion.

This is an increase from last year. As tokens such as Bitcoin and Ethereum hit record highs and some sacraments also registered 5 digits back, Kraken's market volume increased 420% year over year.

In November, Kraken announced that it would be collecting Shiba Inu mnemonic coins, which dropped the original names, resulting in a 30% increase in coins per day. According to Powell, the exchange puts a mark on the "list of names" before making the decision to go public.

There are several reasons why a token might be included in a list, for example, as part of a new project under development, or as stated by the maker of Kraken. Exchanges usually take into account the interests of consumers when entering a coin into the coin list.

“If a lot of people ask us, or if Musk mentions it on Twitter, we'll get there,” Powell said.

The exhibits will then be sent to a jury made up of lawyers, analysts and experts to examine the distribution of exhibits and the legal status of the collection of exhibits by region.

For Powell, the decision to register Shiba-Inu tokens is generally driven by satisfied customers.

“There isn't any new technology or anything that exciting,” Powell said.