US digital asset exchange Kraken has announced that it will begin supporting the viral Shiba Inu (SHIB) memcoin from November 30.

The minimum deposit is 373,000 chips ($ 16) and the minimum trade size is 50,000 chips ($ 2). Initially, SHIB will be able to trade against US dollars and Europeans, but Kraken futures and SHIB margin trading will not be available at launch.

Jonathon Miller, CEO of Kraken Australia, told Cointelegraph that the crypto market supports projects with clear commerce demand, including SHIB.

At the time of publication, SHIB is the second largest cryptocurrency with a market cap of $ 25.81 billion. SHIB shares are up more than 20% in the past 24 hours in the listing news.

“I don’t want to describe Kraken as a place where all the coins are listed, this is not what we were known for,” added Miller.

Kraken is one of the least conservative exchanges with 93 total assets on the exchange. Meanwhile, Coinbase supports 51 assets, while Robinhood only supports seven.

Other exchanges have been reluctant to host Dogecoin-inspired altcoins due to legal issues despite growing user pressure. SHIB shares crossed the 1 million owner mark on Friday, despite trading 50% below all-time highs.

On November 10, Kristen Brown, Chief Operating Officer of Robinhood, stated that “the platform’s strategy is different from that of many other players who are struggling to list as many assets as possible right now.” A petition calling for Robinhood to list Shiba Inu has garnered over half a million signatures.

Miller added: “We have certain services that don’t fit into the form of regulation. So it’s a gray area that the entire industry is in, and it’s not ours. ”

“It’s just the nature of the fact that we are dealing with innovative technologies that do not necessarily meet the standards that current regulators believe are possible.”
On the subject: Reserve Bank Warns Australians Not to Invest in Giant Cryptocurrencies

Describing the current regulatory climate for digital asset swaps, Robinhoods Chief Legal Officer Dan Gallagher said on November 19 at the Georgetown University Financial Markets Quality Conference: “This is a very tense situation requiring regulatory clarity that we haven’t seen before …. “

Source: CoinTelegraph