Shiba Inu (SHIB) Can Now Be Used as Collateral on Major US Exchange

Kraken, a major US-based cryptocurrency exchange, has added to Shiba Inu (SHIB) as new collateral for futures contracts.

The second-largest meme cryptocurrency can now be used in order to gain exposure to more than 200 perpetual futures. 

Apart from SHIB, dogwifhat (WIF) and Bonk (BONK) can now also be used as collateral. 

In order to use any of these three tokens as collateral, traders have to transfer them from their spot wallet to their futures wallet.

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Kraken makes it possible for traders to deposit several collateral currencies into a single wallet. The list of collateral currencies includes fiat currencies like the US dollar and the euro, various stablecoins as well as Bitcoin and a slew of altcoins. 

As reported by U.Today, ADA was added as collateral by Kraken back in August 2022. 

Still, there are a lot of tokens that are not accepted as collateral for now. These tokens have to be converted to a collateral currency. 

The exchange allows trading both single-collateral and multi-collateral futures contracts. 

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Before starting trading futures on Kraken, one should make sure to deposit a collateral currency to their futures wallet. After that, one can select a certain futures contract and submit an order. 

Kraken listed the Shiba Inu (SHIB) token in late 2021 following a successful campaign by the community behind the popular meme coin to secure another major exchange listing. 

As reported by U.Today, perpetual SHIB futures also appeared on Kraken in May 2023.