US-based digital asset exchange Kraken has announced that it will begin viral support for Memcoin Shiba Inu (SHIB) on November 30.
The minimum deposit is 373,000 chip ($16) and the minimum trade size is 50,000 chip ($2). SHIB will initially trade against the USD/EUR pair, but SHIB Kraken futures and margin trading will not be available at launch.
Jonathon Miller, CEO of Kraken Australia, told Cointelegraph that the cryptocurrency market supports projects with clear commercial demand, including SHIB.
SHIB is the second largest cryptocurrency at press time with a market capitalization of $25.81 billion. SHIB shares are up more than 20% in the last 24 hours on the listing news.
“I don’t want to call Kraken a place where all the coins are listed, and that’s not what we’ve been known for,” Miller added.
Kraken is one of the least conservative with 93 assets on the exchange. Meanwhile, Coinbase supports 51 assets, while Robinhood only supports seven.
Other exchanges have been reluctant to include Dogecoin-inspired altcoins due to regulatory concerns, despite growing pressure from users. SHIB shares crossed 1 million owners on Friday, despite trading 50% below all-time highs.
On November 10, Robinhood COO Kristen Brown stated that “the platform’s strategy is different from that of many other players who now want to list as many assets as possible.” The Change.org petition calling for Robinhood to be included in the Shiba Inu coin list has received more than half a million signatures.
“We have certain services that are not compatible. So it’s a gray area where the whole industry is and it’s not ours,” Miller added.
“This is the nature of the fact that we are dealing with innovative technology that does not actually meet the standards that current regulators consider possible.”
On the topic: The Reserve Bank of Australia warns against buying fashion-driven cryptocurrencies.
Robinhood’s chief lawyer, Dan Gallagher, described the current regulatory environment for digital asset exchanges at the Georgetown University Conference on the Quality of Financial Markets on November 19, “This is an extremely tense situation that requires regulatory clarity that we have not seen so far.”