KuCoin Plans to Launch the NFT Exchange Platform

KuCoin, an IDG backed exchange, announced that its liquidity trading platform Pool-X will open the deposit service of Dego.Finance NFT(Non Fungible Tokens)  assets on November 16, and the withdrawal service on November 20. In the next few months, Pool-X will officially launch the NFT exchange platform and support NFT trading service. As the first major crypto platform to support the deposit and withdrawal of NFT assets, KuCoin will continuously contribute to the NFT industry in the long term. 

NFTs have rich application scenarios in different fields such as collectibles, artwork, and GameFi. Its unique and indivisible attributes have increased market acceptance. NFT is regarded as the next trend in crypto following DeFi as its value is increasingly recognized by the market. According to a report released by the NFT data analysis website NonFungible.com, NFT transaction volume in the first half of 2020 soared to $230 million, an increase of nearly 300% year-on-year. Active users reached 78,881 with an increase of 5.7%.

KuCoin's support on deposit and withdrawal of NFT assets indicates that NFTs will soon enter the centralized trading platform for circulation. At present, trading NFT assets is difficult for users because many of them are unfamiliar with on-chain transactions. The centralized trading platform will greatly reduce the threshold of trading NFT in an easy and user-friendly way. The centralized platforms will also become an important channel for the popularization of NFT concepts and the improvement of NFT liquidity.

Johnny Lyu, CEO of KuCoin Global, said: "KuCoin is paying close attention to the NFT market. Although NFTs don't have enough market attention at present, the potential is great. Moreover, it has many application scenarios in insurance, bonds, options and other fields. It can even create a virtual real world on the blockchain. So, we launched the NFT Trading Board to facilitate users' participation in investing NFT. And we donated 100,000 KCS to Dego.Finance to help its development. In the future, we will do more to solve the problems encountered in the NFT field and to build a prosperous NFT world."