Kraken is shutting down its NFT marketplace nearly two years after its launch. “We’ve made the decision to close our NFT marketplace so we can shift more resources into new products and services, such as unannounced initiatives in-development,” a Kraken spokesperson told Cryptonews. The exchange notified users that, starting Nov. 27, the NFT marketplace will enter withdrawal-only mode. Users won’t be able to list, buy, bid, or sell NFTs, but can still transfer them to self-custodial wallets. Kraken’s decision comes soon after it trimmed 15% of its workforce, laying off 400 employees from a team of 2,600, and appointing a new co-CEO.
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