Kraken shuts down its NFT marketplace

Cryptocurrency exchange Kraken is closing its NFT marketplace two years after its launch, Bloomberg reports.

Clients are being advised to transfer their NFTs to a Kraken wallet or a self-custody wallet of their choice. NFTs, which serve as certificates of ownership for specific assets, have not recovered as strongly as major tokens following the crypto bear market of 2022. However, they have seen growth since Donald Trump won the presidential election three weeks ago.

The decision to close the NFT marketplace comes amid broader restructuring within the company. Additionally, Kraken plans to launch a blockchain called Ink early next year, which will support decentralized applications.

Previously, Kraken announced the release of its own wrapped Bitcoin, kBTC.