Binance approves Shiba Inu as collateral asset
The cryptocurrency exchange also announced the addition of 22 cryptocurrencies as loanable assets and collateral assets on its Flexible Loan and VIP Loan services.
Crypto exchange Binance on Friday, August 4, said it is adding 22 new loanable assets and new collateral assets to its Flexible Loan and VIP Loan service.
In its official statement, the crypto exchange disclosed several new collateral assets, among them Shiba Inu (SHIB), Compound (COMP) and Theta Network (THETA). This development has also fueled speculation about the potential listing of BONE token on Binance, coinciding with the upcoming launch of the Layer-2 blockchain, Shibarium, anticipated to take place in August.
The cryptocurrency exchange concurrently announced the addition of 22 cryptocurrencies as loanable assets and collateral assets on its Flexible Loan and VIP Loan services.
Binance has now expanded its Flexible Loan service by including 8 new loanable assets, which are AUCTION, PYR, ILV, KNC, YGG, GAS, CELO and IRIS. Furthermore, the VIP Loan service has been expanded with 6 new loanable assets, including NKN, FARM, DIA, YGG, OGN and ACA.
In a separate announcement, Binance introduced XEM as a newly available borrowable asset on Cross Margin. The XEM/USDT pair is now supported on the cross-margin trading platform.
Following the Shibarium testnet PuppyNet launch, BONE has been listed on various cryptocurrency exchanges, including OKX, Huobi and Crypto.com. The milestones achieved by the Shibarium testnet reflect the growing demand for the chain and its associated token, BONE.
Related: BTC price risks new sub-$29K dip as Binance fears test Bitcoin bulls
Binance is closely considering the listing of the BONE token, and its potential inclusion is contingent upon the forthcoming Shibarium mainnet launch, which fulfills one of the listing prerequisites for new tokens. The lead developer, Shytoshi Kusama, had previously disclosed the possibility of the Shibarium launch happening in August.
Currently, SHIB is trading at $0.0000083, showing an increase of approximately 2% in the last 24 hours. On the other hand, BONE has experienced a 1% price rise in the past 24 hours and a notable 24% surge over the past week.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
