This popular crypto exchange expands support for Shiba Inu (SHIB): details

TL;DR

Kraken added Shiba Inu as collateral for futures trading, enhancing its support for the popular meme currency. Robinhood and Coinbase also enabled new trading services for SHIB earlier this year. SHIB adoption on the rise

US-based cryptocurrency exchange Kraken officially listed Shiba Inu (SHIB) on its platform in November 2021. Since then, it has increased its support for the self-proclaimed Dogecoin-killer, allowing- there are several commercial services.

Earlier this month, the company added SHIB/EUR to the list of margin pairs offered. The option allows users to use borrowed funds in leveraged trades. It can lead to higher returns, but is associated with higher liquidation risk.

Kraken didn’t stop there, adding Shiba Inu as a new collateral asset for futures trading on August 29. “You can now use SHIB to gain exposure to over 200 perpetual futures. Simply transfer SHIB from your Kraken spot portfolio to your Futures portfolio to get started,” the exchange announced to X.

In crypto futures trading, a collateral asset is a token that market participants deposit to back their position. Storage serves as security to cover potential losses and ensure that the merchant can meet the financial obligations of the contract.

One of the developers and key leaders of the Shiba Inu project, using the moniker Shytoshi Kusama, retweeted the Kraken announcement, sharing a simple happy emoji symbol. SpecialK, another pseudonymous member of the SHIB community, was more eloquent, saying:

“This is a huge milestone for the Shibtoken community! The last Bull Run, this same catalyst ignited our momentum, and now, with Kraken Pro, known for its strict standards and fully decentralized ethos like Bitcoin, we’re the edge of something big again. This is huge!”

Who else got on the bandwagon?

Other well-known companies that have recently enabled trading services with the meme currency include Robinhood and Coinbase.

The former made SHIB available to New York State residents, while the latter launched 1000SHIB-PERP perpetual futures contracts.

This type of derivative product allows traders to speculate on the future price movements of the underlying assets without owning them. It offers high leverage, has no expiration date, and requires people to have a certain level of margin to keep their positions open.

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