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- KuCoin developed an ETFs feature linked to famous NFTs Bored Ape Yacht Club.
Globally renowned cryptocurrency exchange Kucoin has launched an ETF(exchange-traded fund) linked to the main Non-fungible tokens(NFT) like Bored Yacht Club(BAYC).
KuCoin announced the launch of a trading zone of NFT ETF(exchange-traded fund) last Friday, 29 July 2022. This new product of the ETF is launched with an alliance with Fraction Protocol(NFT infrastructure provider).
The New NFT ETF of KuCoin is a USDT (Tether) dominated product. The major purpose of the NFT ETF is to underlie and mark Non-fungible assets like the Bored ape yacht.
The Bored ape yacht is listed among the five NFT ETFs that KuCoin is launching. And the trading is done under the symbol of hiBAYC.
The exchange-traded fund has the long-term aim of increasing liquidity as it authorises the exposure to NFTs through USDT stablecoin or Ether. It will also eradicate the risks and concerns about the management of the NFT ecosystem, Like smart contracts, wallets, and marketplaces like Opensea.
After adding hiBAYC, the investment will extend and cover CryptoPunks,hiSAND33, hiENS4, and Koda NFTs. After starting on 29 July 2022 with hiBAYC, the newly launched product will add hiPUNKS on 4 August 2022.
Johnny Lyu, the chief executing officer of KuCoin, mentioned in his statement that ” KuCoin will continue to offer a user-friendly product for investors allowing them to easily participate in NFT investments.”
Johnny KuCoin became the first centralized crypto exchange for supporting NFTs and EFTs, allowing users to trade and invest in top NFTs directly by using NFTs.
The NFTs industry is expanding at a rapid speed; its mass adoption will show a positive impact in the upcoming future. KuCoin is listed among the top and best cryptocurrency exchanges. In December 2021, a registered investment adviser and fintech firm launched EFTs, although KuCoin is not listed among the first companies to launch this.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
