Kraken, a renowned cryptocurrency exchange located in the United States, has extended its capabilities by include Shiba Inu (SHIB) as a new collateral option for futures contracts it has added to its platform.
As a result of this change, traders now have the ability to employ SHIB, in addition to Dogewhifhat (WIF) and Bonk (BONK), as collateral in order to get exposure to more than 200 potential perpetual futures.
In order to utilize these tokens as collateral, traders must transfer them from their spot wallet to their futures wallet.
Kraken gives consumers the ability to deposit numerous collateral currencies into a single wallet from a single location. Among them are fiat currencies such as the United States dollar and the euro, stablecoins, Bitcoin, and a variety of alternative cryptocurrencies.
It is important to note that Kraken had included ADA as collateral in August of 2022. However, there are still certain tokens that cannot be used as collateral and would need to be changed into a currency that is supported.
Futures contracts with a single collateral and those with multiple collaterals are both supported by the platform. The users are required to make a deposit of collateral into their futures wallet, choose a contract, and then place an order before they can begin trading.
A successful push by the community around the currency to acquire another major exchange listing resulted in Kraken first launching SHIB in the latter half of 2021.
Also Read: Binance admits blocking Palestinian accounts amid the Middle East conflict
Wallets