Binance Crypto Exchange Adds Shiba Inu (SHIB) as Collateral Asset for Flexible Loans

The largest cryptocurrency exchange platform in the world by trading volume has recently declared its endorsement for memecoin Shiba Inu (SHIB) as an eligible collateral asset within its loan programs.

In an official statement, Binance announces the addition of SHIB and several other altcoins as collateral options for its flexible loan program. Binance's flexible loans enable users to secure loans backed by cryptocurrencies without the need for fixed loan terms.

The supported collateral in the loan program includes Enjin Coin (ENJ), Holo (HOT), and Theta Network (THETA), alongside SHIB. These digital assets offer users diverse choices for securing loans.

Recently, the Shiba Inu development team revealed plans to integrate blockchain-based digital identities into their ecosystem. The lead developer, Shytoshi Kusama, shared on the official Shiba Inu Twitter account that they are introducing Self-Sovereign Identity (SSI) across all Shiba Inu projects, resembling digital passports.

Last month, the Shiba Inu team released the beta version of its cross-chain bridge for public testing. This event led to a notable rise in both SHIB and Bone ShibaSwap (BONE), the token linked to the highly anticipated layer-2 scaling solution Shibarium, defying the overall crypto market trend at that time. The bridge facilitates token transfers between Shibarium and the prominent Ethereum (ETH) smart contract platform.

As of the time of writing, Shiba Inu is experiencing a 9.63% surge in value during the last 24 hours, trading at $0.00001.

Aug 06, 2023

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