Prominent crypto exchange Kraken has added Shiba Inu (SHIB) as a collateral asset for futures trading.
Kraken announced the development yesterday, as community members expect the move to expand the utility of the second-biggest memecoin by market cap. According to the exchange, Kraken Pro users can use Shiba Inu to gain exposure to over 200 perpetual futures contracts.
To utilize SHIB as a collateral asset on Kraken, users must move their funds to futures wallets directly from their spot wallets.
Shiba Inu Lead Reacts
As expected, the development triggered enthusiasm among SHIB enthusiasts, including Shiba Inu’s lead developer Shytoshi Kusama.
Reacting to the announcement, the Shiba Inu ecosystem lead posted a smiling face with a halo overhead emoji.
Kusama’s reaction suggests that he considers the news to be a favorable development with the potential to impact Shiba Inu’s performance in the long term positively. Notably, the move could drive SHIB’s visibility and demand.
The news coincides with a slight uptick in Shiba Inu’s price, which has risen 1.37% in the past day. Conversely, the memecoin has plunged 2.3% on the weekly charts. At press time, Shiba Inu trades at $0.00001407, with a 24-hour trading volume of $195.95 million.
Kraken Adds PEPE and WIF as Collateral Assets
In addition to Shiba Inu, Kraken added two other popular memecoins, Pepe (PEPE) and dogwifhat (WIF), as collateral assets for futures trading. Like SHIB, Kraken users can also gain exposure to over 200 perpetual contracts using PEPE and WIF.
The move comes days before the listing of WIF and PEPE on Kraken’s Canadian arm, scheduled for September 5.
Meanwhile, Kraken has continued to expand its support for Shiba Inu since it officially listed the token in November 2021.
Part of Kraken’s support includes reducing SHIB’s trading fees, introducing futures trading, and adding new SHIB margin pairs. Last week, Kraken added the SHIB/EUR margin trading pair, offering up to 3X leverage position for the pair.
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