Cryptocurrency exchangeKraken reportedlyis shutting down its non-fungible token (NFT) marketplace, saying it willmove more resources into new offerings.
The company unveiled its NFT marketplace about two years ago, during which time NFTs fell along with the crypto bear market but have not recovered as well as bitcoin and other tokens have, Bloombergreported Tuesday (Nov. 26).
Kraken will transition the NFT marketplace to withdrawal-only mode on Wednesday (Nov. 27) andcompletely close it in three months, Cointelegraphreported Tuesday.
The move comes about a year and a half after thefull launch of the marketplace, as the company launchedit fully in June 2023 after a few months of beta testing, according to the report.
“We’vemade the decision to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in development,” a Kraken spokesperson said in a statement, per the report. “Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice.”
When announcing thepublic beta launch ofKraken NFT in December 2022, Kraken said it aimed to make the NFT space accessible to all types of collectors and to enable them to explore, discoverand safely trade NFTs.
The company has launched new projects in other areas this year.
It was reportedNov. 4 that Kraken is part of a consortium of FinTech and crypto companies that introduced a jointstablecoin pegged to the U.S. dollar. The aim of theGlobal Dollar Network, which also includesRobinhood andGalaxy Digital, is to accelerate the use of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners.
In April, it was reported that Kraken was buying TradeStation Crypto, thedigital assets unit ofTradeStation Group, to expand Kraken’s regulatory licensing in the U.S., accelerate its U.S. presenceand unlock new product opportunities in the country.
Kraken added another new solution in February, saying the newKraken Institutional brand aims to be a one-stop shop for the company’s existing products and services forinstitutions, asset managers, hedge fundsand high net-worth individuals.
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