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KuCoin exchange lists a USDT-denominated NFT ETF

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KuCoin Stolen Funds on The Move, $3.5 Million Transferred in Three Transactions
KuCoin Stolen Funds on The Move, $3.5 Million Transferred in Three Transactions

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KuCoin, a cryptocurrency exchange whose headquarters are in Seychelles, has launched an exchange-traded fund (ETF). This ETF will expose investors to non-fungible tokens (NFTs) such as the Bored Ape Yacht Club (BAYC).

KuCoin lists an NFT ETF

The KuCoin NFT ETF Trading Zone launched on Friday, according to an announcement by the company. This ETF was launched via a partnership with the Fracton Protocol, a provider of NFT infrastructure.

The KuCoin NFT ETF is USDT-denominated. The ETF features NFT assets as the underlying assets. The NFTs featured in the ETF are the leading ones in the market, such as the BAYC, which will be among the five NFT ETFs launched by KuCoin.

This ETF will trade under the ticker symbol hiBAYC. It will be an ERC-20 token representing 1/1,000,000 ownership of the targeted BAYC NFT within the BAYC meta-swap of the Fracton Protocol.

The ETF’s goal is to increase liquidity. It provides the NFT through the USDT stablecoin instead of Ether (ETH). Therefore, it removes the risks and concerns surrounding the management of NFT infrastructure features such as wallets, marketplaces, and smart contracts.

The hiBAYC NFT will not be the only one included in this investment product. The investment will also cater for CryptoPunks, which will trade under hiPUNKS, Koda NFTs under hiKODA, hiSAND33 and hiENS4.

The hiPUNKs investment product will go live on August 4. The listings for hiKODA, hiSAND33, and hiENS4 will be announced later, according to an announcement from the exchange.

KuCoin’s efforts in the NFT space

This ETF marks a major milestone for KuCoin. It will help the exchange achieve its efforts of speeding up the NFT market by dropping the investment threshold of some of the top digital collectibles. It will allow the company to pursue more offerings in the web 3.0 & crypto space.

KuCoin has made several initiatives to develop the NFT sector. In April this year, the exchange launched Wonderland, an NFT launch platform. The exchange also launched Windvane, an NFT marketplace offering several services such as an NFT launchpad, minting, and trading.

The exchange’s CEO, Johnny Lyu, commented on the development, saying that KuCoin would continue to provide access to user-friendly products for investors and allow them to participate in NFT investments. The CEO also added that KuCoin was the first centralized cryptocurrency exchange supporting NFT ETFs, allowing users to invest and trade leading NFTs using the USDT stablecoin.

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