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Investors Face Trust Issues With the Grayscale GBTC

Albert Brown
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Investors Face Trust Issues With the Grayscale GBTC

The issues surrounding the Grayscale GBTC trust have been underscored by the recent reports of its record discount.



Grayscale Investments, a leader in digital currency asset management, is reportedly facing issues with its largest product, the Grayscale Bitcoin Trust (GBTC), as investors bewail emerging concerns echoed by the trust’s recent trade position, among other issues. 

Grayscale’s GBTC’s Growing Issues

As previously reported by The Crypto Basic, the Grayscale Bitcoin Trust premium rate plummeted to a record low of -47.8 yesterday. This means that the trust was trading at a massive discount, a crucial indicator of a loss of investor confidence in the Grayscale financial products. A Bloomberg report disclosed that this trend suggests a broader wave of issues investors are having with the crypto market.

According to Bloomberg, the recent bearish trend surrounding the trust is unlikely to see a reversal anytime soon due to prevailing market conditions and the growing concerns with Grayscale’s parent company Digital Currency Group.

The lending arm of Genesis Global Capital, a subsidiary of Digital Currency Group, revealed last month that it would be suspending withdrawals due to issues faced in the wake of the FTX collapse. Although Grayscale assured clients that it is not affected by Genesis’ recent crisis, concerns are brewing. This has contributed to its products’ recent underperformance.

GBTC’s premium rate is currently negative 48.62% at the reporting time, indicating further declines from yesterday’s lows. The trust’s growing discounted rate is a bearish indicator of a more rapid selloff than bitcoin itself, as investor dread deepens in the wake of growing concerns.

GBTC has declined by 75% this year, whereas BTC has only shed 64% of its value. The trust’s current discounted rate suggests that its investors are selling off their BTC at a rate almost 50% lower than the asset’s current market price.

Furthermore, on Tuesday, reports of a lawsuit filed against Grayscale by New York-based top hedge fund Fir Tree Capital Management. The lawsuit alleges that Grayscale has likely mismanaged the GBTC trust and is looking to investigate the issue with access to certain documents about it.

Fir Tree Capital Management, in the lawsuit, also argues that Grayscale has harmed the 850,000 investors of the GBTC trust with its “shareholder-unfriendly actions,” claiming the policy on the redemptions of shares for the trust is “self-imposed.” 

The GBTC Trust is Grayscale’s Most Important Product

Despite the issues investors are facing with GBTC, the Bloomberg report affirms its position as the most significant product of the DCG corporation. With assets under management to the tune of $10.8 billion as of press time, and a 2% annual fee, GBTC pumps the most funds into Grayscale, and DCG.

Bloomberg estimates that the trust is poist to rack in over $200M every year for Grayscale, considering its current position. GBTC’s annual fee is way above the reality of most investment vehicles provided by Grayscale. The proShares Bitcoin Strategy ETF, in particular, has a 0.95% fee.

Cathie Wood, CEO of asset manager Ark Invest, highlighted the significance of Grayscale’s digital asset trusts in a Bloomberg interview last month. According to Wood, the trusts are the most valued part of the firm and they are going to attempt to sustain them when all else fails.

In the wake of the discounted rate, Cathie Wood’s Ark Invest purchased 176,945 GBTC shares valued at $1.5M on Monday. Ark Invest’s purchase was made at a GBTC discounted rate of 45%. The latest purchase followed a similar move last week which saw Ark Invest amass 315,259 GBTC shares worth $2.8M. The company now holds 6.4M shares valued at $53M.

Top U.S. Attorney Predicts 50.12% Win For Ripple Against SEC

Lele Jima
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Top U.S. Attorney Predicts 50.12% Win For Ripple Against SEC

Attorney Hogan says Ripple has a 50.12% chance of winning the lawsuit.


 

The ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) is approaching its end after a fierce legal battle lasting nearly two years. According to former U.S. prosecutor James K. Filan, Judge Analisa Torres, the presiding judge of the lawsuit, will rule on the case on or before March 31, 2023.

Attorney Hogan Predictions

With the lawsuit approaching its end, attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, predicted the possible outcome. In a YouTube video today, attorney Hogan predicted that Ripple has a 50.12% chance of winning the lawsuit against the Securities and Exchange Commission. He added that there is a 29.88% possibility that Judge Torres would rule in the SEC’s favor. However, he asserted that if the SEC is declared the winner, Ripple could also record a slight win in this scenario.

Attorney Hogan further speculates that there is a 19.11% chance that the lawsuit could end in a draw for both the SEC and Ripple, with a trial scheduled for 2023 summer. He further predicted that there is a 5 to 7% chance that Judge Torres could give an “unexpected ruling” in the lawsuit. 

“The legal briefs’ official lawsuit prediction is a 50.12% chance of a ripple win and a 29.88% chance the SEC wins with a possible Ripple loss, but win. There is a 19.11% chance of a draw and a 5 to 7% chance of something unexpected ruling. In other words, there is a 110% chance of something happening shortly,” attorney Hogan said.

Attorney Hogan further backed Filan’s prediction on when Judge Torres would rule on the lawsuit, saying:

“When will we know the outcome of the case? My friend, attorney James Filan says it will happen on or before March 31, 2023. If that’s what he says, that is what it is.” 

Crypto Enthusiasts Hope For A Ripple Win

On December 2, 2022, the parties filed their respective summary judgment replies, with each side asking Judge Analisa Torres to rule in their favor. The XRP and other crypto communities hope that Judge Torres rules in favor of Ripple, as the ruling will make way for more favorable regulations for the emerging market.

However, the SEC hopes it wins the lawsuit to enable it to continue its “regulation by enforcement” approach in the crypto sector.

Deaton Dismisses Claims That He’s On Ripple Payroll, Says ‘I Don’t Defend Ripple, I Defend Truth’

Mark Brennan
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Deaton Dismisses Claims That He’s On Ripple Payroll, Says ‘I Don’t Defend Ripple, I Defend Truth’

Deaton asserts that he is not on Ripple’s payroll.



CryptoLaw founder Attorney John E. Deaton took to Twitter today to debunk claims that he is on Ripple’s payroll.

The lawyer disclosed this in response to direct messages and emails he has received in response to his threads on XRP and Ripple. According to Deaton, these emails and messages suggest he is on Ripple’s payroll.

However, Deaton, who represents thousands of XRP holders as a friend of the court in the US Securities and Exchange Commission case against Ripple, has said these narratives are false.

“I don’t defend Ripple; I defend the truth and the facts,” Deaton tweeted. “Notice that when I do a [thread] I cite actual facts.”

The lawyer iterates that he does not respond to “fair criticism,” citing complaints that Ripple executives gifted themselves too much XRP or that Ripple holds too much XRP. However, he asserts that he points out “indisputable truths” when influential individuals like MicroStrategy’s Michael Saylor claim that Ripple executives committed fraud.

“But if someone like saylor goes on a top podcast like Patrick bet-david as he did recently, and he claims that Ripple or bgarlinghouse etc. committed fraud or deceived or misrepresented the public, implying the case against Ripple involves fraud – I simply state the truth.”

It bears mentioning that Deaton has lent his voice and platform in favor of Ripple and the XRP community on multiple occasions during the two-year-long legal battle with the SEC. Most recently, in a long thread, the lawyer explained why he believes the SEC has a slim chance of winning against Ripple executives on aiding and abetting charges.

Today, Deaton explains that he lends his voice to these matters not for Ripple but for XRP holders. As the lawyer explains, false narratives negatively impact the bags of XRP holders.

“… I don’t claim Ripple is w/o criticism. I simply point out indisputable truths which cause some people to say “you’re defending these guys so you must be on their payroll.

I point out these facts, not for Ripple, but for XRP Holders, who’s property is being impacted by the fud, mistruths and false narratives promulgated by people who are intentionally misleading or, they don’t know what they’re talking about – even if technically ascientist.”

Additionally, he points out that he has been appalled by how the SEC has handled the case against Ripple, a sentiment that, as Deaton points out, is shared by Judge Sarah Netburn.

Ripple Vs SEC: Both Parties Agree On A New Deadline

Lele Jima
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Ripple Vs SEC: Both Parties Agree On A New Deadline

 

The parties want Judge Torres to set a deadline of January 4, 2023, for non-parties to request the sealing of portions of summary judgment materials.


Ripple and the SEC have requested that the court set a deadline by which non-parties in the ongoing lawsuit must move to seal any portion of the summary judgment materials.

According to the letter filed yesterday, as shared by defense lawyer James K. Filan, both the SEC and Ripple want U.S. federal judge Analisa Torres to set a deadline of January 4, 2023, for non-parties to file sealing requests for selected portions of the summary judgment materials.

Before filing the omnibus motion to seal on December 22, the SEC and Ripple said they would notify all non-parties whose confidential information is included in the summary judgment materials. The move will give non-parties enough time to request the sealing and redaction of any summary judgment documents containing their confidential information.

According to the parties, the move will facilitate an efficient resolution of all requests to seal and redact portions of the summary judgment materials.

“Given the parties’ desire to reach an expeditious resolution of all sealing-related issues regarding the summary judgment materials, the parties respectfully ask the court set a deadline of January 4, 2023, by which any non-parties must move to seal portions of the summary judgment materials or else waive any objections to the court’s ultimate ruling on the parties’ sealing applications,” excerpt of the letter read.

Parties Also Propose a Deadline for the Opposition

Furthermore, the SEC and Ripple also request that the court sets a deadline of January 18, 2023, by which the parties or non-parties may file oppositions to the non-parties motion to seal.  

The move is imperative in resolving the lawsuit, as it will simultaneously address the party’s and non-parties sealing requests. Both the SEC and Ripple are using the medium to allow non-parties to request the sealing of confidential information included in the summary judgment motions or related materials.

The move comes days after the parties filed their respective summary judgment replies, with each side asking the court to rule in their favor. Judge Torres is expected to rule on the legality of XRP soon to determine whether the asset class is a security. At the moment, there is no specific date Judge Torres is expected to give her ruling on the matter. Interestingly, Filan expects the Judge to rule on the case on or before March 31, 2023.

Alert: Phishing Ripple Website Sending Binance-Themed Emails Targeting XRP Holders

Mark Brennan
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Alert: Phishing Ripple Website Sending Binance-Themed Emails Targeting XRP Holders

Schwartz has warned XRP holders about a fraudulent email campaign and website.



Scammers have launched a fraudulent Ripple website and an email phishing scam targeting XRP holders, per a tweet from Ripple CTO David Schwartz today.

Schwartz cautioned that a website claiming to belong to Ripple with the top-level domain (TLD) “.org .ph” is a scam website. In addition, the Ripple executive shared a screenshot of an email he identified as fraudulent, which is likely linked to the scam website, as is typical with phishing scams.

The email, at first glance, to any unsuspecting recipient appears to be from leading crypto exchange Binance promoting an XRP staking program on behalf of Ripple. Notably, the fraudulent mail promises 16 to 31% returns for locking up XRP for a fixed period.

“The XRP Staking Platform – a time-based staking algorithm with incentive premium and high ROI, from 16% to 31%, with a secured fund of over 5 Billion XRP,” the scammers write, explaining the scam program. “This improved staking offensive is entirely user-focused, with autonomous controls and balancing procedures for individual bonus distribution amongst users and without XRP address collision.”

As explained by Schwartz in a second tweet, the mail is not from or connected to Binance in any way. However, the scammers use the Binance name and brand to get attention and legitimacy.

Likely, Ripple is already in contact with domain registries and web hosting services working to shut down the website, per a tweet from Schwartz indicating steps Ripple took in situations like this. Notably, at press time, The Crypto Basic is yet to find reports of a user losing money to the scam. 

Crypto holders and investors must be careful during the holidays as scams increase per data from Australia’s scam watch. Most recently, The Crypto Basic gave a deep dive into some scams and explained how these scammers use the images of influential figures to lure in unsuspecting victims.

CryptoCom Releases Fully Audited Proof of Reserves, With XRP Reserve Ratios of 101% and SHIB 102%

Albert Brown
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CryptoCom Releases Fully Audited Proof of Reserves, With XRP Reserve Ratios of 101% and SHIB 102%

 

The recent proof of reserves from Crypto.com is meant to assure clients that their assets on the exchange are backed at a 1:1 ratio.

Crypto.com, a leading Singapore-based global centralized exchange, has officially released its Proof of Reserves, fully audited by an independent external entity, to assure clients that assets held on the platform are backed at a 1:1 ratio. Crypto.com’s recent Proof of Reserves disclosure comes when investor assurance becomes necessary following the FTX collapse.

The Proof of Reserves from Crypto.com was disclosed today through a published article on its official website. According to the article, the platform assures customers that the Proof of Reserves has been thoroughly audited by Mazars Group – a top global audit and accountancy corporation with over 42,000 professionals across 90 countries.

Crypto.com disclosed the reserve ratio of nine of the largest assets held as customer balances, including Shiba Inu and XRP with respective reserve ratios of 102% and 101%. All assets are overcollateralized, contributing to further investor assurance. The full list of assets and their reserve ratios include:

  • Bitcoin (BTC), 102%
  • Ethereum (ETH), 101%
  • Circle USD (USDC), 102%
  • Tether USD (USDT), 106%
  • XRP (XRP), 101%
  • Dogecoin (DOGE), 101%
  • Shiba Inu (SHIB), 102% 
  • Chainlink (LINK), 101%
  • Decentraland (MANA), 101%.

 

The audit was carried out under the scope of the International Standard on Related Services (ISRS) 4400 provisions which involved utilizing efficient cryptographic measures to verify that the assets are available and backed as claimed by Crypto.com.

The article further revealed that Mazars Group’s auditing exercise included the employment of appropriate means to compare the assets held by Crypto.com within its on-chain addresses and the total funds belonging to clients held by the exchange as customer balances. The means involved a query which was carried out on December 7, 00:00 (UTC).

“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust. Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies,” Crypto.com Chief Kris Marszalek remarked, speaking on the development.

The Need for Investor Assurance

The article says that Crypto.com’s recent proof of reserves disclosure is a move directed at setting proper standards in the areas of accountability and transparency. Customers can verify their funds on the exchange by visiting the link provided.

Following the FTX collapse, which was majorly triggered by the misappropriation of user funds, as circulating reports have suggested, investor confidence in centralized exchanges has waned, underlining a necessity to assure customers that their funds are backed 1:1 on any CEX.

Concerns of Crypto.com faking its proof of reserves reports had surfaced in the past, with CEO Marszalek coming up to debunk the claims. Last month, Crypto.com transferred a whopping 1.8 trillion SHIB to Binance worth over $16M, raising more questions. Mid-November, Marszalek came up to assure customers that the exchange would not implode as FTX did, noting that they’ve never used their native token CRO the way FTX handled FTT.

Meanwhile, on November 25, Binance released its Proof of Reserves, initially starting with BTC, with a promise to do the same for other assets “in the next couple of weeks.” Binance’s proof of reserves reveals that BTC held on the exchange is in a reserve ratio of 101%.

Mazars Group, which audited Crypto.com’s proof of reserves, confirmed on Wednesday that Binance’s reserves were indeed overcollateralized, at a ratio of 101%. Wallet addresses on BNB Chain, Binance Smart Chain, Bitcoin, and Ethereum networks were assessed by Mazars Group.

‘Focus On Yourself ‘ Binance CZ Bashes SBF

Mark Brennan
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‘Focus On Yourself ‘ Binance CZ Bashes SBF

SBF and CZ bicker over the circumstances that led to the Binance buyout deal.

In a tweet today, former FTX CEO Sam Bankman-Fried called out Binance chief Changpeng Zhao for requesting $75 million extra in the Binance buyout deal as both crypto founders bicker over the circumstances that led to the dissolution of the partnership.

The comments came as CZ asserted that Binance had initiated the process to pull out of its early investment into FTX over a year ago after becoming uncomfortable with SBF and his links to Alameda. According to CZ, the decision by Binance infuriated SBF, who threatened Binance staff as a result. 

However, SBF kicks against this narrative, saying FTX initiated the process, not Binance, after deciding it was best for their business. Additionally, the former FTX chief claims that Binance strong-armed FTX into giving them an additional $75 million in the deal. Furthermore, the embattled crypto founder said Binance at the time had no right to pull out of the agreement because the tokens were locked, adding that the only way out was a buyout from FTX.

As the back and forth continues, CZ has told SBF that Binance could have also decided not to sell if FTX wished to buy them out. In addition, he noted that Binance, as a part of the partnership, had veto power over future fundraising, a fact he says he avoids mentioning. Finally, responding to continued assertions from SBF that CZ has “won,” the Binance chief made it clear that there was never any competition.

Notably, CZ has urged the FTX founder to stop pushing the focus and blame on Binance in the wake of the FTX collapse.

“Don’t try to tell your friends to focus on us,” CZ tweeted. “Focus on yourself. You should have learned that by now.”

It bears mention that today’s engagement came as the Binance chief took to Twitter to set the record straight in response to recent statements from Kevin O’Leary. In a recent interview with CNBC, O’Leary disclosed that SBF pointed at the Binance buyout deal in a recent call as one of the precipitating factors of the FTX collapse. 

In response, CZ calling the integrity of the Shark Tank star into question, pointed out that FTX had made investments of over $5 billion since sharing findings from The Block researcher Larry Cermak. Moreover, he highlighted that FTX had also splurged on multiple marketing campaigns. In CZ’s view, all of this, combined with the mismanagement of user funds, sank the crypto exchange, not its $2.1 billion buyout of Binance in July 2021 with a mix of its illiquid FTT token and BUSD.

Changing Narratives After A Bad Divorce

It is worth noting that at the time of the dissolution of Binance’s stake in FTX, both crypto founders had pushed different narratives to the public.

SBF, at the time, told Decrypt that the move to buy Binance’s stake in FTX was due to differences in Business operations. On the other hand, CZ asserted that it was just the end of an investment relationship, and both exchanges maintained friendly relations in discussions with Forbes.

However, in light of recent exchanges, there appears to be more to the split than both parties let on. When precisely relations between both crypto exchanges soured is anyone’s guess.

Nonetheless, the former FTX chief may have perceived both exchanges to be in competition and have some misgivings against CZ for disclosing Binance’s plan to sell its FTT holdings. Notably, some believe the latter kickstarted the bank run that collapsed SBF’s house of cards. 

“At some point I might have more to say about a particular sparring partner, so to speak,” the FTX founder wrote near the end of a lengthy thread in early November, just before the exchange filed for bankruptcy. “But you know, glass houses. So for now, all I’ll say is: well played; you won.”

BabyDoge Swap Launches Feature To Buy Crypto With Fiat

Albert Brown
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BabyDoge Swap Launches Feature To Buy Crypto With Fiat

BabyDoge Swap Launches Its Fiat Aggregator.


The BabyDoge Swap fiat aggregator will assist customers by providing the best rates available for purchasing digital assets with fiat.

Fast-growing BNB Chain decentralized exchange (DEX) BabyDoge Swap has launched its new fiat aggregator feature, as developments aimed at providing customers with the best DEX experience pick up. The launch comes barely three weeks after the platform announced the feature.

Baby Doge Swap unveiled the fiat aggregator through its official Twitter handle today. “Fiat Aggregator NOW LIVE…. buy crypto with fiat. Using card, google pay, & Apple Pay,” the platform disclosed in a tweet.

 

Recall that the exchange first revealed its plans to introduce the feature on November 21. According to the team, the Fiat Aggregator will source for several cryptocurrency onramp service providers and display the one(s) with the best fiat-to-crypto rates for the selected fiat currency and digital asset. Certain onramps that will be featured include Moonpay, Mercuryo, Sendwyre, and Onramper.

This will help users of the decentralized exchange purchase digital assets with their fiat currencies, including the dollar (USD), pound (GBP), and euro (EUR), at the best rates available at any point in time. Users can make purchases using their Bank Card, Google Pay and Apple Pay wallets. Baby Doge Swap shared the link to the fiat aggregator as it unveiled the feature.

BabyDoge Swap’s Recent Developments

Launched on October 6, BabyDoge Swap is gradually becoming the fastest-growing decentralized exchange on the BNB Chain Ecosystem as of press time. Two months into its launch, the exchange has introduced several features to give users a premium DEX experience, with more expected before long.

On November 29, the platform announced that it would soon start supporting futures contracts with leverage up to 100x through the launch of its BabyDoge Swap Pro, The Crypto Basic reported. On December 2, BabyDoge Swap Pro was unveiled.

Furthermore, the BabyDoge Swap team, on November 18, disclosed that it would be launching a new feature that would provide an estimate of the amount of BabyDoge tokens that will be burned from each swap on the exchange. The feature would apply to all swaps, not just BabyDoge pairs. The feature was launched two weeks back.

Bitcoin Flashes 2018 Cycle Bottom Signal Even As Grayscale GBTC Hits Record Discount

Mark Brennan
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Bitcoin Flashes 2018 Cycle Bottom Signal Even As Grayscale GBTC Hits Record Discount

Bitcoin flashes a bottom signal, but traders remain bearish.



Glassnode disclosed in a tweet yesterday that Bitcoin holders in the last 365 have seen $213 billion in realized losses.

Meanwhile, in contrast, they saw $455 billion in gains during the 2020 to 2021 bull market. According to Glassnode, it represents a 47% capital loss on the profits from the last bull run, similar to the peak of the 2018 bear market cycle.

Notably, the chart shows that it coincided with the price bottom for that cycle. 

However, despite the bottom signal, not all investors are convinced that the markets will reverse, and for a good reason. As highlighted by one user, this bear market is not like the others due to prevailing macroeconomic conditions that the crypto markets face for the first time. It is a sentiment experienced price action trader Justin Bennett expressed earlier in the year.

Meanwhile, Wu Blockchain reported that Grayscale’s Bitcoin Trust offering, GBTC, is trading at a record discount of 47.84%. As previously reported, the discount to the actual asset price indicates significant investor bearishness. It bears mentioning that Grayscale’s parent company Digital Currency Group is under a cloud of uncertainty as Genesis Trading, another subsidiary, battles insolvency concerns.

Additionally, whales are capitulating, per data shared by Ali Martinez yesterday. According to Santiment data shared by the Bitcoin analyst on Twitter, about 33 whales holding 1000 to 100,000 BTC have left the network, selling about 20k BTC in the 96 hours before. 

Prominent Traders Remain Bearish 

Notably, the overall sentiment for several prominent traders remains bearish. 

il Capo of Crypto (@CryptoCapo_), who has made several accurate predictions lately in his last tweet on November 28, disclosed that he remains convinced that Bitcoin is heading to $12k. As a result, the trader has decided to abstain from posting until his bias is confirmed or invalidated.

Meanwhile, PROFIT BLUE (@profit8blue) yesterday asserted that we are heading to $10k in the next 25 days. “If I’m wrong, we’re still going there,” the trader declared, expressing his conviction. 

IncomeSharks (@IncomeSharks), who does not seem as bearish as the rest, shared a chart with Bitcoin on a 4-hour uptrend, indicating that the asset’s price has formed a range between $17,200 and $16,800. However, it is worth noting that we are at the top of the range, with Bitcoin trading at about $17,214 at press time.

As previously reported, Standard Chartered believes the price of Bitcoin will drop another 70% in 2023, urging investors to stack up on gold instead. At the same time, the European Central Bank is pushing the narrative that Bitcoin is on the road to an irrecoverable decline.

However, it bears mentioning that it will not be the first time legacy finance and mainstream media have predicted the death of the asset. Despite the market downturn, industry leaders are confident that Bitcoin will stage a comeback. Investors should brace for a bumpy ride, though.

OKCoin Japan Confirms Shiba Inu (SHIB) Listing

Albert Brown
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OKCoin Japan Confirms Shiba Inu (SHIB) Listing

The top Japanese crypto exchange plans to enable SHIB trading for its customers in February next year.



OKCoin Japan, one of Japan’s top exchanges and the Japanese subsidiary of the digital asset conglomerate OK Group, has confirmed its plans to list Shiba Inu (SHIB) three days after it hinted at accommodating SHIB.

Block Data states, “OK Group specializes in developing blockchain technology and provides blockchain services. The company owns OKCOIN, OK Blockchain Research Institute, B-Labs, and other businesses and products.”

Today, the platform disclosed the information through a tweet on its official Twitter handle and an official media release. According to the announcement, OKCoin Japan plans to list SHIB in mid-February next year. The actual date has not been disclosed, but the platform promised to update the community once a tentative date is fixed.

“… In February 2023 at OKCoin Japan, We plan to List SHIB.” OKCoin Japan said in a tweet loosely translated from Japanese, as it shared a link to the official announcement.

 

The disclosure has garnered positive reactions from Japan-based SHIB proponents anticipating the development. Recall that OKCoin Japan gave the first hint about the possible listing of SHIB on Tuesday, as reported by The Crypto Basic. The platform acknowledged a petition from an anonymous SHIB community member who had been appealing for a SHIB listing for 148 days.

OKCoin Japan disclosed plans to list SHIB a day after OKx, a sister exchange based in Seychelles and owned by the same parent company OK Group, unveiled a flexible staking feature for SHIB and other crypto assets.

SHIB and BONE Gradually Attracting Global Attention

The recent announcement from OKCoin Japan underlines the growing global attention SHIB and BONE have been gathering from leading global exchanges. OKCoin Japan’s decision to list SHIB would see the exchange follow in the footsteps of fellow Japan-based crypto exchange BitPoint Japan which became the first top exchange in Japan to list the asset last month, The Crypto Basic reported.

Last week, Singapore-based crypto exchange Bitcastle announced the listing of SHIB, introducing a login bonus campaign that would see customers receive 23,000 SHIB each for logging in to the platform every day from the day of the announcement to December 18.

Meanwhile, exchanges have also taken an interest in Shiba Inu’s governance token Bone ShibaSwap (BONE), as the token receives a series of listings from several exchanges in a short period. These exchanges include CoinEx and SaitaPro, in September; and, SunCrypto and Uphold on November 30.

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