Major crypto exchange platform Kraken is reportedly going to roll out a nonfungible token (NFT) marketplace, supporting funds borrowing against users’ NFTs, as revealed by its co-founder and current Head.

Specifically, CEO Jesse Powell reportedly offered further elaboration, sharing that the firm has plans down its pipeline to establish its presence across the NFT sphere in early next year, with hopes to include the functionality for determine the liquidation value of an NFT, and whether it can be put up as collateral for a loan.

“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that.” Powell further remarked. 

The value of NFTs, however, spreads throughout the spectrum, with only a fraction of token owners have in their possession a digital collectible with the equivalent value of a CryptoPunk – currently standing at 66.9 Ether (ETH) or $273,673 for price value at publish time. 

“Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs.” Powell, NFT utility will explode and also shared his belief in the potential major surge of NFT utility in 2022. 

Additionally, Kraken completed the acquisition of Staked, an infrastructure platform that offers facilitating features for non-custodial crypto staking, in a bid to reel in new investors. 

Kraken clients will reportedly be opened up to the ability of earning crypto rewards and yield while still keeping control over their digital assets.

Kraken was established ten years ago (2011), and has reportedly managed to secure its spot in the top two most major crypto exchange platforms throughout the globe,  ranking among the top in terms of average liquidity, volume and digital asset reserves, per insights provided by CoinMarketCap.