Cryptocurrency exchange Kraken reportedly is shutting down its non-fungible token (NFT) marketplace, saying it will move more resources into new offerings.
The company unveiled its NFT marketplace about two years ago, during which time NFTs fell along with the crypto bear market but have not recovered as well as bitcoin and other tokens have, Bloomberg reported Tuesday (Nov. 26).
Kraken will transition the NFT marketplace to withdrawal-only mode on Wednesday (Nov. 27) and completely close it in three months, Cointelegraph reported Tuesday.
The move comes about a year and a half after the full launch of the marketplace, as the company launched it fully in June 2023 after a few months of beta testing, according to the report.
“We’ve made the decision to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in development,” a Kraken spokesperson said in a statement, per the report. “Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice.”
When announcing the public beta launch of Kraken NFT in December 2022, Kraken said it aimed to make the NFT space accessible to all types of collectors and to enable them to explore, discover and safely trade NFTs.
The company has launched new projects in other areas this year.
It was reported Nov. 4 that Kraken is part of a consortium of FinTech and crypto companies that introduced a joint stablecoin pegged to the U.S. dollar. The aim of the Global Dollar Network, which also includes Robinhood and Galaxy Digital, is to accelerate the use of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners.
In April, it was reported that Kraken was buying TradeStation Crypto, the digital assets unit of TradeStation Group, to expand Kraken’s regulatory licensing in the U.S., accelerate its U.S. presence and unlock new product opportunities in the country.
Kraken added another new solution in February, saying the new Kraken Institutional brand aims to be a one-stop shop for the company’s existing products and services for institutions, asset managers, hedge funds and high net-worth individuals.
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