Popular cryptocurrency exchange, KuCoin, has collaborated with Fracton Protocol, an NFT liquidity infrastructure, to expand the adoption of NFTs. The development was revealed in a tweet by the exchange on Tuesday. Reportedly, the NFT protocol intends to harness its collaboration with Kucoin to become a popular NFT trading platform for all retail subscribers.
KuCoin’s collaboration with Fracton Protocol will help to address liquidity issues within the NFT space. The partnership will also avail a competitive edge for Fracton against the virtual marketplaces promoting only the wholesome trading of NFTs. Similarly, the partnership tends to expand engagements from the general public, NFT enthusiasts, collectors, and traders.
Over time, the NFTs’ indivisible feature has continued to restrict its adoption, particularly by retail investors. Although the sector, since its most prominent peak in 2021, has grown rapidly, amassing a volume of about $20 billion. However, its indivisibility and expensive nature have overtly discouraged the participation of small investors.
Some NFT collections on Ethereum currently enjoy floor prices above $1,500. Similarly, the cheapest among the NFT collections, particularly in Yuga Labs BAYC, goes for 93 ETH. This development consequently opens the investment to wealth investors alone. However, the partnership between Kucoin and Fracton protocol is now intended to widen the accessibility of these tokens.
To date, the protocol supports the tokenization of BAYC and PUNKS collections. However, with its collaboration with Kucoin, the protocol intends to extend into other NFT projects. According to the protocol, this will help widen accessibility and adoption of the trends.
However, KuCoin has continued to raise investment funds despite the prevailing market conditions through its collaboration with numerous crypto ventures. Recall that the exchange had, in the past week, secured a strategic contract from Susquehanna International Group (SIG) to aid blockchain integration and KCS & KCC ecosystem building. Similarly, the exchange obtained a $10 million investment through the partnership.
As revealed, KuCoin intends to use the funds to boost its platform infrastructure. Also, the exchange, wants to improve its product lineup and organise the next bull run. The capital, according to findings, will further finance its global expansion and hiring agendas. Notably, the exchange’s collaboration with SIG tends to help aid promising crypto startup projects built on the KCC chain through incubation, investment, and consultation.
Also, in May, the exchange raised about $150 million in a pre-series B funding round. As reported, the funding round was led by Jump Crypto. The funding takes the exchange’s aggregate investments to about $170 million.
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