Kraken exchange has announced its support for the viral meme coin Shiba Inu (SHIB) on November 30. The exchange took this move defying regulatory concerns which have held back some other digital asset exchanges like Robinhood.
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 be available to trade against the USD and Euro pairs at first, but Kraken Futures and Margin Trading will not be available.
— Kraken Exchange (@krakenfx) November 29, 2021
Jonathon Miller, the Australian managing director of Kraken, said that the crypto marketplace promotes initiatives like SHIB that have a clear demand for trade.
With a market capitalization of $25.81 billion at the time of publication, SHIB is the 12th largest cryptocurrency. On the news of the listing, SHIB has risen more than 20% in the last 24 hours.
“I wouldn’t describe Kraken as a location where every single coin is recorded; that’s not what we’ve been renowned for,” Miller remarked.
With 93 assets on the market, Kraken is one of the least conservative exchanges. Coinbase, on the other hand, supports 51 assets, whereas Robinhood only supports seven.
Despite mounting user demand, several exchanges have been unwilling to offer the Dogecoin-inspired altcoin because of regulatory concerns. Despite trading 50% below its all-time high on Nov. 26, SHIB topped 1 million holders.
Christine Brown, the platform’s chief operating officer, stated on Nov. 10 that the platform’s “approach is different from a lot of the other companies out there right now who are rushing to list as many assets as possible.” Over half a million people have signed a Change.org petition urging that Robinhood offer the Shiba Inu Coin.
“There are some things that we provide that don’t really fit the regulatory mold,” Miller continued. So there’s this gray area that exists across the industry, and it’s not unique to us.”
“That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t have doesn’t necessarily fit the criteria that existing regulators perceive as possible.”
“It’s a really tense environment, and it does call for regulatory clarification,” Robinhood’s chief legal officer Dan Gallagher said at the Georgetown University Financial Markets Quality Conference on Nov. 19, describing the present regulatory atmosphere for digital asset exchanges.