Shiba Inu — Kraken defies competitors regulatory fears

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Kraken and other digital asset exchanges, such as Robinhood, have resisted offering altcoins like Shiba Inu because of regulatory concerns.

Kraken, a digital asset exchange located in the United States, has announced that it would begin supporting the viral memecoin Shiba Inu (SHIB) on November 30.

A minimum deposit of 373,000 SHIB ($16) and a minimum trading volume of 50,000 SHIB ($2) will be required. Shiba Inu will be accessible to trade against the US dollar and euro at first, although Kraken Futures and Margin Trading will not be available during the launch.

Shiba Inu is one of the projects supported by Kraken Australia managing director Jonathon Miller, who told Cointelegraph that the crypto marketplace promotes projects with a demonstrated demand for trade.

With a market value of $25.81 billion at the time of publication, Shiba Inu is the 12th biggest cryptocurrency. On the news of the listing, SHIB has risen more than 20% in the previous 24 hours.

“I wouldn’t describe Kraken as a location where every single coin is recorded; that’s not what we’ve been renowned for,” Miller remarked.

With 93 assets on the market, Kraken is one of the least conservative exchanges. Coinbase, on the other hand, covers 51 assets, whereas Robinhood only supports seven.

Despite mounting user demand, several exchanges have been unwilling to offer the Dogecoin-inspired cryptocurrency because to regulatory concerns. Despite trading 50% below its all-time high on Friday, Shiba Inu reached 1 million holders.

Christine Brown, the platform’s chief operating officer, stated on Nov. 10 that the platform’s “approach is different from a lot of the other companies out there right now who are rushing to list as many assets as possible.” Over half a million people have signed a Change.org petition asking Robinhood to offer the Shiba Inu currency.

“There are some services that we offer that don’t really fit the regulatory mold,” Miller continued. So there’s this gray area that exists across the business, and it’s not unique to us.”

That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t necessarily fit the criteria that existing regulators perceive as possible.

“It’s a really stressful scenario,” Robinhood chief legal officer Dan Gallagher said at the Georgetown University Financial Markets Quality Conference on Nov. 19, describing the present regulatory atmosphere for digital asset exchanges.

Source: CryptoNewsPipe