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Seychelles-based global cryptocurrency exchange KuCoin is launching NFT exchange-traded funds. The initiative aims to improve the liquidity of non-fungible token assets.
More than 20 million users currently use KuCoin. The platform offers margin trading, P2P fiat trading, spot trading, futures trading, lending, and staking.
The company partners with NFT liquidity infrastructure Fracton Protocol for developing EFTs (exchange-traded funds). The Protocol will fractionalize blue-chip NFTs into ERC-20 tokens.
Fracton Protocol currently supports the fractionalization of CryptoPunks and Bored Ape Yacht Club NFTs. Following the update launched on July 29, the first centralized exchange for NFTs will also help other NFT collections. The new function will allow users to own “proportionally shared ownership of native blue-chip NFTs.” In other words, customers will have the opportunity to own fractions of high-value NFTs by paying a relatively small sum. Additionally, KuCoin users can now pay for specific blue-chip NFTs in USDT.
“KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments. 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 the CEO of KuCoin, Johny Lyu.
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