In comparison, other digital asset exchanges such as Robinhood have refrained from listing altcoins such as SHIB due to regulatory concerns.
Kraken, a digital asset exchange located in the United States, has announced that it would begin supporting the popular meme currency Shiba Inu (SHIB) on Nov. 30.
A minimum deposit of 373,000 SHIB ($16 USD) and a minimum trading volume of 50,000 SHIB ($2 USD) will be required. SHIB will initially be accessible for trading against the USD and Euro pairings; however, Kraken Futures and Margin Trading will not be available for SHIB at launch.
According to Jonathon Miller, general director of Kraken in Australia, the crypto marketplace encourages projects with a demonstrated demand for trade, such as SHIB.
SHIB was the 12th-largest cryptocurrency at the time of publication, with a market valuation of $25.81 billion. SHIB has gained more than 20% in the previous 24 hours on the announcement of the listing.
“I would not define Kraken as a location where every single coin is posted; that has not been our reputation,” Miller remarked.
Kraken is one of the least conservative exchanges, with a total of 93 assets listed on the platform. Coinbase, on the other hand, supports 51 assets, while Robinhood supports just seven.
Other exchanges have resisted listing the Dogecoin-inspired cryptocurrency due to regulatory issues, despite mounting user demand. SHIB hit one million holders on Nov. 26, while trading 50% below its all-time high.
On Nov. 10, Robinhood Chief Operating Officer Christine Brown said that the platform’s “approach is distinct from that of a lot of other companies out there who are rushing to list as many assets as possible right now.” Over half a million people have signed a Change.org petition urging that Robinhood offer the Shiba Inu Coin.
“There are certain services that we provide that do not quite fit the regulatory mould,” Miller said. As a result, there is a grey area that the whole business operates in, and it is not unique to us.”
“That is just the nature of the situation, since we are dealing with a revolutionary technology that does not necessarily meet the requirements established by current regulations.”
On Nov. 19, Robinhood’s chief legal officer Dan Gallagher stated of the present regulatory atmosphere for digital asset exchanges, “It’s a really difficult position, and it does need regulatory clarity that we haven’t seen yet.”
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