KuCoin Launches NFT Asset Exchange Platform Through Pool-X
- KuCoin will become the first major cryptocurrency exchange to support public trading of non-fungible tokens.
- Users will be able to deposit NFTs starting November 16, and withdraw starting November 20.
Image from Shutterstock
On November 15, major cryptocurrency exchange KuCoin announced that its liquidity trading platform, Pool-X, will soon introduce support for Dego.Finance NFT assets. The “people’s exchange” also expressed its desire to contribute to this industry, and assist in its long-term development.
Non Fungible Tokens, or NFTs, are digital assets that have increasing applications in various industries such as collectibles, artwork, and GameFi. In 2020, the crypto community began to witness their full potential, with many different products being built with NFTs at their core.
And while their transaction volume has seen a 300% spike this year alone, the tokens themselves have not received much attention from larger blockchain institutions. KuCoin is the first major platform to support this type of asset, becoming an important channel through which NFTs can be popularized.
KuCoin’s CEO, Johnny Lyu, said that Non Fungible Tokens have many applications in insurance, bonds, and other fields. He also stated that KuCoin has donated 100,000 KCS to Dego.Finance to help in its development, and that the exchange will help “build a prosperous NFT world”.
As one of the largest cryptocurrency exchanges, with 6 million reported users in 207 countries, KuCoin will introduce public support for NFTs through its PoS mining pool Pool-X, which currently offers liquidity market, node integration, and operational solutions services. The decentralized trading platform will start accepting NFT deposits on November 16, while withdrawals will be made available on November 20.
- The Google Play store has changed its policy on digital assets, and will now allow developers to incorporate NFTs into their apps and games on the platform.
- Publishers will have to follow certain rules, however, such as maintaining transparency regarding the use of NFTs and not allowing gambling in their apps and games.
Shutterstock
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
- Being more prone to taking risks and investing money in new technologies, millennials definitely have a big impact on the global economy.
- With most of the current workforce consisting of millennials, this generation has become the deciding factor behind the success and failure of many industries.