Shiba Inu SHIB can now be used as collateral for futures contracts on Kraken, a major US cryptocurrency exchange, opening new trading opportunities for users.

Shiba Inu SHIB Now Accepted as Collateral on Kraken

You can now use Shiba Inu (SHIB) as collateral for futures contracts on Kraken, a prominent US-based cryptocurrency exchange. You can now access over 200 perpetual futures using the second-largest meme cryptocurrency.

According to U.Today, when it comes to collateral, in addition to SHIB, dogwifhat (WIF) and Bonk (BONK) are now also acceptable options.

In order for traders to be able to use any of these three tokens as collateral, they are required to transfer them from their spot wallet to their futures wallet.

Kraken Offers Multi-Collateral Wallet for Flexible Trading

Thanks to Kraken, traders may use a single wallet to store multiple collateral currencies. Fiat currencies such as the US dollar and the euro are among the collateral currencies listed, along with Bitcoin and a multitude of altcoins.

Kraken added ADA as collateral in August 2022. But, at this time, many tokens cannot be used as collateral. A collateral currency conversion is necessary for these tokens.

The trading of futures contracts, including both single-collateral and multi-collateral options, is permitted on the exchange.

If you want to trade futures on Kraken, you need to fund your futures wallet with collateral money first. The next step is to place an order for a certain futures contract.

Shiba Inu’s Growing Popularity Leads to Collateral Use

After a successful campaign by the community behind the popular meme coin to achieve another major exchange listing, Kraken added the Shiba Inu (SHIB) token in late 2021. This was in response to the widespread popularity of the meme coin.

In May of 2023, Kraken also introduced the possibility of perpetual SHIB futures.