COCOIN launches the first non-coin ETF

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In an official statement, Kocoin digital currency exchange announced the launch of the world’s first non-traditional token ETF. Traders with Tether cryptocurrency will be able to trade NFTs.

Kocoin digital currency exchange has made it possible for its investors to participate in exchange-traded funds (ETF). This ETF will include the best non-traditional tokens (NFTs) such as Bored Ape Yacht Club.

November Teter

Launching the first non-traditional token ETF

According to Kocoin’s claims, the exchange is the first major exchange to launch a non-coin ETF. CoinCoin announced on Friday that the exchange’s portfolio of ETFs, which are primarily associated with the stablecoin USDT, will be released in collaboration with the Fracton protocol.

COCOIN launches the first non-coin ETF

The Frecton protocol splits valuable NFT tokens into small ERC-20 chunks. Blue chip NFTs have fallen in value along with the crypto market. According to CoinGecko, the floor price of the BAYC collection is currently around 86 ETH or $144,000.

The ERC-20 tokens in NFT COCOIN funds represent ownership of 1/1,00,000 of the BAYC collection. For example, we refer to the hiBAYC token. Kocoin initially lists 5 NFT ETFs consisting of iBAYC, hiPUNKS, hiSAND33, hiKODA and hiENS4 as underlying assets.

Direct trading of NFTs with Tether

In addition to facilitating the transaction process, KoCoin has eliminated the complex infrastructure of NFTs such as wallets and smart contracts. In this regard, the managing director of Kokoin added:

We are very excited to be the first centralized cryptocurrency exchange to offer a unique token ETF service. Users can easily invest on the Kocoin platform and trade premium NFTs directly with USDT.

Kocoin’s CEO, Jonny Liu, went on to point out that Kocoin will continue to further develop its NFT-related products. Kocoin currently offers spot trading, margin, P2P fiat, leveraged futures and features such as staking and lending to 20 million users from 207 countries. In May of this year, Kocoin raised $150 million in Series B funding led by Jump Crypto. The value of the Kocoin exchange is currently estimated at 10 billion dollars.

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Source: coindesk

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