Binance Adds Shiba Inu as a Collateralized Asset, SHIB price reacts

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Binance Adds Shiba Inu as a Collateralized Asset, SHIB price reacts

World’s largest cryptocurrency exchange, Binance has listed Shiba Inu as a collateralized asset on its Flexible Loan and VIP Loan service. The leading crypto exchange expands the service with the addition of 22 new assets.

In an announcement on August 4, Binance revealed the impressive move that marked a milestone for the general crypto community. Binance made this strategic expansion by including the trending memecoin on the list of new collateral assets. Other cryptocurrencies added to the list include Compound (COMP), IOTA, iExec (RLC), Holo (HOT), Enjin (ENJ), Theta Network (THETA), and IOST.

In addition, Binance added eight more assets to its Flexible Loan service. The assets include AUCTION, Vulcan Forged (PYR), Illuvium (ILV), Kyber Network (KNC), Yield Guild Games (YGG), GAS, CELO, and IRISnet (IRIS).

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For context, Binance Flexible Loan is an overcollateralized, open-term loan product where users can take up isolated loan positions consisting of one collateral-loan pair each.

Related Reading: Possible Reasons Why Major Shiba Inu Burns Fails to Make SHIB Price Surge

Similarly, Binance also added six new tokens including NKN, Harvest Finance (FARM), DIA, Yield Guild Games (YGG), Origin Protocol (OGN), and Acala (ACA) to its VIP Loan service. Binance VIP Loan is an over-collateralized loan service that offers a customized margin call process and better utilization of collateral.

Binance makes this move to cater to veterans and newcomers and also to bring more flexibility and liquidity to the crypto borrowing space.

BONE potential listing on Binance exchange?

Meanwhile, the latest announcement by Binance has sparked speculations among the Shiba Inu community about a possible listing of BONE – a token linked to Shibarium.

Recently, the Shibarium testnet, PuppyNet was launched and BONE has already secured a listing on popular exchanges including OKX, Huobi, and Crypto.com. This indicates the growing interest in the upcoming blockchain project and its native token, BONE.

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As the cryptocurrency industry continues to see unparalleled growth, the decision to increase lending services and potentially launch the BONE token on Binance has been speculated. Binance’s actions demonstrate their faith in the future of decentralized finance in addition to providing new options for borrowing and collateralizing assets.

SHIB price reacts

Binance Adds Shiba Inu as a Collateralized Asset, SHIB price reacts

Source: CoinMarketCap

As the excitement for the expected Shibarium mainnet launch in August increases, the hype around the SHIB token has also increased significantly. According to data from CoinMarketCap, Shiba Inu is currently trading at $0.0000086. The price is up 4.61% in the last 24 hours. What’s more, SHIB is ranked #14 on the CoinMarketCap chart with a live market cap of $5,068,807,941 ($5 billion) and a 24-hour trading volume of $181,823,589 ($181 million).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.