As a seasoned analyst with years of experience in the dynamic world of cryptocurrency, I find the recent move by Kraken to accept Shiba Inu (SHIB), Dogecoin (WIF), and Bonk (BONK) as collateral for futures contracts quite intriguing. This expansion not only reflects the growing acceptance of meme coins in the mainstream but also underscores the evolving strategies of major exchanges to cater to diverse investor preferences.
The significant U.S. cryptocurrency platform, Kraken, has expanded its options by incorporating Shiba Inu (SHIB) as a fresh asset for future contracts.
With the second-largest meme cryptocurrency, you can now access over 200 perpetual futures contracts for increased investment opportunities.
Apart from SHIB, dogwifhat (WIF) and Bonk (BONK) can now also be used as collateral.
To secure any of these three tokens for collateral when trading, traders must move the tokens from their current (spot) wallet into their futures wallet.
Kraken enables traders to store multiple deposit currencies in a unified wallet. This range of deposit currencies encompasses traditional money such as the U.S. dollar and the euro, numerous stablecoins, Bitcoin, and several other popular 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.
Prior to engaging in futures trading on Kraken, it’s crucial to deposit a collateral currency into your futures account first. Once this is done, you can then choose a specific futures contract and place an order accordingly.
In the latter part of 2021, the Kraken platform decided to include the Shiba Inu token (SHIB) for trading after a successful push from the Shiba Inu’s dedicated community to gain support for listing on yet another prominent cryptocurrency exchange.
As reported by U.Today, perpetual SHIB futures also appeared on Kraken in May 2023.
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2024-08-29 23:50