KuCoin, based in the Seychelles is a crypto exchange that launched a new investment product. Its new ETF based on NFTs is set up to ensure access and the liquidity of major NFT collections. Collections include BAYC and others. This trading zone started working live on Friday, according to a firm’s spokesperson. The product was worked out and launched by collaborating with Fracton Protocol, a provider of NFT infrastructure.
KuCoin’s new ETF is based on Tether/USDT, and it underpins NFTs like BAYC. BAYC is one among five ETFs based on NFTs being launched by KuCoin and its symbol is hiBAYC. The principal goal of launching this EFT is to boost liquidity and help investor exposure via USDT and not ETH. Investor risk is much lower, and investors don’t have to worry about managing smart contracts and wallets.
Besides hi BAYC, other NFTs supported are Koda, CryptoPunks, HiENS4, and HiSAND33. The first one to be offered on Friday is HiBAYC and the second is hiPUNKS (CryptoPunks). The others will be released at a later date with an announcement, according to the company.
The setting up and release of this ETF is a milestone for KuCoin as it endeavors to accelerate establishing the NFT market. KuCoin’s other aim was to lower the threshold for investment in the NFT collectibles sector and make it accessible to everyone. With a focus on developing the NFT sector, the company also rolled out Windvane, an NT marketplace, and an interactive platform called Wonderland. Windvane provides a launchpad, and the ability to mint, to trade and manage a lot of features.
KuCoin CEO Johhny Lyu said that their company would keep bringing products that are user-friendly to the market. That way, investors would be able to participate easily and invest in NFTs. KuCoin is the first crypto exchange to be centralized and also one that supports NFT ETFs.