Home News Kraken exchange defies competitors’ regulatory concerns with SHIB listing

Kraken exchange defies competitors’ regulatory concerns with SHIB listing

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Kraken, a digital asset exchange based in the United States, has announced that it would begin offering the famous meme coin Shiba Inu on November 30. (SHIB).

A minimum investment of 373,000 SHIB ($16 USD) will be required, as well as a trading volume of 50,000 SHIB ($2 USD). SHIB will initially be available for trading against the USD and Euro, although Kraken Futures and Margin Trading will not be obtainable.

The crypto marketplace fosters ventures like SHIB, according to Jonathon Miller, the Australian managing director of Kraken.

SHIB is the 12th most valuable cryptocurrency, with a market cap of $25.81 billion as of writing. SHIB has surged more than 20% in the last 24 hours on the announcement of the listing.

“I wouldn’t describe Kraken as a place where every single penny is logged. That is not what people know about us”, Miller explained.

SHIB surpassed 1 million holders despite trading 50% below its all-time high

Kraken is one of the less conservative exchanges, with 93 assets on the market. Coinbase, on the other hand, offers 51 different assets, while Robinhood only offers seven.

Regulatory concerns have kept a number of exchanges from offering the Dogecoin-inspired cryptocurrency, despite growing customer demand. SHIB surpassed 1 million holders despite trading 50% below its all-time high on November 26.

The platform’s “strategy is different from a lot of the other firms out there right now that are trying to list as many assets as possible,” Christine Brown, the platform’s chief operating officer, said on Nov. 10. A Change.org petition encouraging Robinhood to issue the Shiba Inu Coin has gathered over half a million signatures.

Miller remarked, “There are some things we supply that don’t really fit the regulatory mould. As a result, there’s a grey area in the sector that isn’t unique to us”.

“It’s just the nature of working with cutting-edge technology that doesn’t necessarily fulfil the standards that present authorities think acceptable.”

“It’s a tremendously challenging circumstance”, Robinhood’s chief legal officer Dan Gallagher said of the current regulatory environment for digital asset exchanges on Nov. 19 at the Georgetown University Financial Markets Quality Conference.

Shiba Inu team issues scam alert to SHIB investors

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