Good News for Shiba Inu (SHIB)? Major Exchange Extends Support

TL;DR

• Kraken added new EUR 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. Most recently, it 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 enables clients to employ loaned funds in leveraged trades. To do so, they must provide collateral which can be in the form of cryptocurrencies. The option offers the potential for higher returns but is also associated with an increased risk of liquidation.

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

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

“They state that the project was created as a response to a single question: What would happen if a cryptocurrency project was 100% run by its community,” Kraken questioned.

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

Who Else Embraced SHIB?

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

Earlier this year, the American-based financial services company – Robinhood – enabled trading services with the meme coin for New York state residents. 

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 margin level to keep their positions open.