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Dogecoin Killer Shiba Inu Listed by Tim Draper-Backed Crypto Exchange

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Mon, 11/22/2021 - 15:05
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Alex Dovbnya
One of Singapore's most prominent crypto trading platforms has added support for Shiba Inu
Dogecoin Killer Shiba Inu Listed by Tim Draper-Backed Crypto Exchange
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Coinhako, a Singapore-based cryptocurrency exchange, has added support for Shiba Inu, the company announced Monday.

Its users are now able to trade the so-called "Dogecoin killer" against the Singapore dollar (SGD), the U.S. dollar (USD) and the Vietnamese dong (VND).

Coinhako also operates a wallet, which now allows safely storing Shiba Inu.

Last week, the company managed to obtain an in-principle approval letter from Singapore's financial regulatory authority, in order to legally provide digital token services, becoming one of the first local cryptocurrency companies to achieve such a feat.

Co-founder Yusho Liu told Yahoo Finance Singapore that trading volume on the exchange has grown 1,000% since the start of the year.

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The Singapore entrepreneur plans to increase the company's headcount to 260 people next year.

Coinhako, which launched back in 2014, managed to put its name on the map early on by securing a six-figure investment from prominent venture capitalist Tim Draper.

Draper, who made a name for himself with prescient bets on Skype, Twitch and Hotmail, is also known as an early Bitcoin adopter who keeps predicting that the largest cryptocurrency may hit $250,000 by the end of 2022.

As reported by U.Today, Shiba Inu has also been listed by Gemini, Wealthsimple and other trading platforms this November.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.