TL;DR
- Kraken adds Shiba Inu (SHIB) as collateral: The platform now allows using SHIB for futures contracts.
- Available collaterals: In addition to SHIB, Dogewhifhat (WIF) and Bonk (BONK) can be used to access over 200 perpetual futures.
- Usage process: Users need to transfer SHIB from their spot wallet to their futures wallet to start trading.
Kraken, one of the leading cryptocurrency exchanges based in the United States, has added Shiba Inu (SHIB) as a new collateral option for futures contracts.
This addition expands the possibilities for traders looking to diversify their futures trading strategies.
From now on, users can use SHIB, along with Dogewhifhat (WIF) and Bonk (BONK), as collateral to gain exposure to over 200 available perpetual futures contracts on the platform.
The inclusion of SHIB as collateral is a significant step for Kraken, as it broadens the range of digital assets traders can use to secure their futures positions.
Users interested in taking advantage of this new option must transfer SHIB from their spot wallet to their futures wallet on Kraken.
This process is simple and is done through Kraken’s platform, which allows users to manage multiple collateral currencies in a single wallet.
This flexibility is especially useful for those who wish to trade with a variety of cryptocurrencies and fiat currencies, such as the US dollar and the euro, as well as stablecoins and Bitcoin.
The addition of SHIB is not an isolated event.
Kraken had already included Cardano (ADA) as collateral in the past, demonstrating its commitment to diversifying the assets available for futures trading.
Although some tokens are still not accepted as collateral and must be converted to a supported currency, the inclusion of SHIB represents a continued effort by Kraken to offer broader and more flexible options to its users.
Kraken, which initially listed SHIB in late 2021, remains a key platform for cryptocurrency and futures trading.
The incorporation of SHIB as collateral is a response to the growing demand for more varied and accessible investment options in the futures market.
This update underscores Kraken’s commitment to innovation and expanding its product offerings to meet the needs of a diverse user base.
Expansion and Flexibility in the Futures Market with Shiba
The addition of Shiba Inu as collateral for futures contracts on Kraken not only broadens the available options for traders but also highlights the importance of flexibility in the cryptocurrency market.
As interest in digital assets continues to grow, platforms like Kraken are responding to this demand by offering a variety of options for risk management and investment.
With the ability to use SHIB, WIF, and BONK as collateral, traders can manage their positions more effectively and capitalize on opportunities in a highly competitive market.
The ability to transfer and use multiple collateral currencies within a single wallet simplifies the trading process and provides greater convenience for users.
Additionally, Kraken’s evolution in incorporating new assets as collateral reflects a broader trend in the cryptocurrency industry, where diversification and innovation are key to attracting and retaining users.
The platform continues to adjust and expand its offerings to stay at the forefront in a constantly changing environment.
The inclusion of SHIB as collateral for futures on Kraken is a significant addition that provides new opportunities for traders and reinforces the platform’s commitment to expansion and flexibility in the cryptocurrency market.
