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HomeCrypto NewsMarketBinance Adds New Utility for Shiba Inu, Offering Added Value for Customers

Binance Adds New Utility for Shiba Inu, Offering Added Value for Customers


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The world’s biggest crypto exchange approves Shiba Inu (SHIB) as a collateral asset for flexible loans in its platform.

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Binance, the world’s largest digital assets exchange by 24H trading volume, has continued its support for Shiba Inu (SHIB). Notably, the top exchange recently gave the teeming Shiba Inu community another reason to be delighted.

Binance has enlisted SHIB as a collateral asset in its flexible loan service section to expand its support for the canine-themed token further. The Friday statement revealed that Binance Flexible Loan incorporated eight tokens as collateral assets, including SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST.

Users can now collateralize Shiba Inu in Binance’s Simple Earn Flexible Products subscription to borrow other cryptocurrencies. Notably, collateralizing SHIB for loan orders on Binance can only be done with the Flexible Loan service.

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For clarity, Binance Flexible Loan is a trading platform service enabling users to borrow supported cryptocurrencies without committing to a precise loan term. To access Binance Flexible Loans, users must own the required collateral assets.

Wen BONE Listing on Binance?

This positive development has further reaffirmed the exchange’s support for SHIB, eliciting speculations that a BONE listing is imminent. It bears mentioning that the ShibArmy is eager to see Binance onboard its ecosystem token —Bone Shibaswap — for trading.

As speculated by some community members, the top 5 exchanges have declined to list BONE because the token issuer has failed to renounce the Bone Shibaswap contract. To end this, Shytoshi Kusama hinted at a future action that would better position BONE for listing on Binance and other top exchanges.

As reported by The Crypto Basic, the Shiba Inu lead developer submitted that the team would renounce the BONE contract, relinquishing ownership and control of the token. This is expected to occur after minting the planned 20 million BONE tokens for validators’ reward purposes.

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Should this prompt Binance to list the Shiba Inu ecosystem token then the asset could experience a massive rally. BONE recently became a top gainer in the market as the Shibarium mainnet launch approaches.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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