Popular crypto firm KuCoin has become the first centralised exchange to launch a non-fungible token exchange-traded fund (ETF), as per a recent announcement.
KuCoin has partnered with Fracton Protocol to launch Trading Zone ETF, and it aims to increase liquidity to the exchange’s more than 20 million users and lower the investment threshold for these assets:
KuCoin Going All Out on NFTs Despite Market Downturn
The ETF will offer investors exposure to blue-chip NFTs that can be directly purchased with Tether (USDT). As such, the ETF is made up of five popular NFT collections including BAYC (hiBAYC), CryptoPunks (hiPUNKS), Koda NFTs (hiKODA), hiSAND33 and hiENS4.
We are very excited to become the first centralised crypto exchange to support NFT ETFs that allow users to conveniently invest and trade top NFTs directly with USDT. In the future, KuCoin will keep exploring more NFT-related products for our users.
KuCoin blog post
KuCoin has been working on developing several NFT-related products and services this year. In April, it launched two NFT launchpads, Wonderland and Windvane. The firm said it would continue to roll out more NFT and Web3-related features in the future.
While KuCoin is the first crypto exchange to launch an NFT ETF, FinTech firm Defiance was already one step ahead with the world’s first NFT ETF, launched on December 2 last year.
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