KuCoin, a cryptocurrency exchange headquartered 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 Area spear Friday, according to a company announcement. This ETF was launched through a partnership with Fracton Protocol, an NFT infrastructure provider.
The KuCoin NFT ETF is denominated in USDT. The ETF presents NFT assets as underlying assets. The NFTs featured in the ETF are market leading ones, such as BAYC, which will be among the five NFT ETFs launched by KuCoin.
This ETF will trade under the ticker symbol hiBAYC. This will be an ERC-20 token representing 1/1,000,000 ownership of the targeted BAYC NFT in the BAYC meta-swap of the Fracton protocol.
The objective of the ETF is to increase liquidity. It provides the NFT through the stablecoin USDT instead of Ether (ETH). Therefore, it removes the risks and concerns of managing 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 cover CryptoPunks, which will be traded as hiPUNKS, Koda NFTs as hiKODA, hiSAND33 and hiENS4.
hiPUNKs investment product will go live on August 4th. Listings for hiKODA, hiSAND33 and hiENS4 will be announced later, according to an exchange announcement.
KuCoin’s efforts in the NFT space
This ETF marks a major milestone for KuCoin. This will help the exchange realize its efforts to accelerate the NFT market by lowering the investment threshold for some of the best digital collectibles. This will allow the company to pursue more offerings in the web 3.0 and crypto space.
KuCoin has taken several initiatives to develop the NFT sector. In April this year, the exchange launched Wonderland, a NFT Launch Platform. The exchange has also launched Windvane, an NFT marketplace offering several services such as an NFT launch pad, minting and trading.
Exchange CEO Johnny Lyu commented on the development, saying that KuCoin will continue to provide investors with access to user-friendly products and allow them to participate in NFT investments. The CEO also added that KuCoin was the first centralized cryptocurrency exchange to support NFT ETFs, allowing users to invest and trade top-tier NFTs using the stablecoin USDT.
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