Good news for Shiba Inu (SHIB)? Major Exchange expands support

TL;DR

Kraken added new Euro margin pairs, including SHIB/EUR, offering more trading options for European users. SHIB is gaining wider support, while the meme coin community aims to take control by the end of 2024. More support for SHIB and other Altcoins

One of the leading US-based cryptocurrency exchanges, Kraken, expanded the list of margin pairs offered on its platform. More recently, it has added SHIB/EUR, NEAR/EUR, SEI/EUR and PEPE/EUR.

The Euro (EUR) is the official currency of the Eurozone, which consists of 20 countries, including Germany, France, Spain, Italy, Austria, the Netherlands and other strong economies. Kraken’s latest offering means more options for European users, especially those who primarily deal with the aforementioned fiat currency.

Margin trading allows clients to use borrowed funds in leveraged trades. To do this, they have to provide collateral which can be in the form of cryptocurrencies. The option offers the potential for higher returns, but is also associated with higher liquidation risk.

The newly included pairs of rims in Kraken have different specifications. For example, the SHIB/EUR pair offers up to 3x leverage with a $2 billion limit for opening long and short positions.

The exchange recalled that SHIB saw the light of day in 2020 launched by an anonymous developer with the nickname “Ryoshi”.

“They claim that the project was created as an answer to a single question: what would happen if a cryptocurrency project was 100% community-led,” Kraken asked.

It is worth mentioning that the team behind the popular meme coin aims to hand over control to the community by the end of 2024, thus continuing its path of full decentralization.

Who else embraced SHIB?

The list of cryptocurrency exchanges that allow trading options with the popular meme currency goes on and on. Kraken initially listed SHIB in November 2021, while other giants that jumped on the bandwagon include Binance, Coinbase, Crypto.com and more.

Earlier this year, US-based financial services company Robinhood enabled trading services with the meme currency for residents of New York state.

Shortly after, Coinbase added 1000SHIB-PERP perpetual futures contracts. This derivative product allows traders to speculate on the future price movements of certain cryptocurrencies without owning them. Perpetual futures contracts have some important specifications, such as high leverage and no expiration date. They also require users to maintain a level of margin to keep their positions open.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!