Kraken, the US-based digital asset exchange, has announced that it will begin supporting the viral Shiba Inu (SHIB) memecoin from November 30.
There will be a minimum deposit of 373,000 SHIB ($ 16), and the minimum trading volume will be 50,000 SHIB ($ 2). SHIB will initially be able to trade the US dollar and euro pairs, but Kraken futures and SHIB margin trading will not be available at launch.
New Listing on Kraken: @Shibtoken $ SHIB deposits begin NOW! Trading is live November 30.
➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
– Kraken Exchange (@krakenfx) November 29, 2021
Kraken Australia Managing Director Jonathon Miller told Cointelegraph that the cryptocurrency market supports projects with clear demand for trade, including SHIB.
At press time, SHIB is the twelfth largest cryptocurrency with a market capitalization of $ 25.81 billion. SHIB is up more than 20% in the last 24 hours following the news of the listing.
Miller added: “I would not describe Kraken as the place where all currencies are listed, we have not been known for that.”
Kraken is one of the least conservative exchanges, with 93 assets in total. Meanwhile, Coinbase supports 51 assets, and Robinhood only supports seven.
Other exchanges have been hesitant to list the Dogecoin-inspired altcoin over regulatory concerns, despite mounting pressure from its users. On Friday, SHIB surpassed one million headlines despite trading 50% below its all-time high.
On November 10, Robinhood COO Christine Brown said the platform’s “strategy is different than a lot of the other players out there and they are rushing to list as many assets as possible right now.” Change.org’s petition for Robinhood to include the Shiba Inu coin has garnered more than half a million signatures.
Miller added: “There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area where the whole industry exists, and that’s not specific to us.”
“That is simply the nature of the fact that we are dealing with an innovative technology that really does not necessarily fit the criteria that existing regulators perceive as possible.”
Describing the current regulatory climate for digital asset exchanges, Robinhood Chief Legal Officer Dan Gallagher told the Georgetown University Financial Markets Quality Conference on November 19 that “It is a very tense situation, and it demands regulatory clarity we haven’t seen yet. “
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