US-based crypto exchange Kraken recently announced that it has started supporting Shiba Inu (SHIB) from November 30 onwards, with a minimum deposit of 373,000 SHIB and a minimum trading volume of 50,000 SHIB. One thing to note, however, is that Kraken Futures and Margin Trading for SHIB are not available at launch.
Jonathan Miller, managing director at Kraken Australia, said the crypto market favours projects with clear demand for trading such as SHIB. SHIB currently has a market capitalisation of over $24 billion, which would make it the 12th largest cryptocurrency as of now.
Miller stated that Kraken is not known for being a platform that lists every single coin. That being said, Kraken still has a highly extensive range of supported assets in comparison to other exchanges. There are a total of 93 assets on Kraken, while exchanges like Coinbase and Robinhood support a total of 51 and 7 assets respectively.
Although SHIB has proven to be highly demanded, other exchanges have been reconsidering listing the Doge-inspired altcoin due to regulatory concerns. Robinhood COO Christine Brown previously remarked that the platform’s strategy does not align with other exchanges that are quick to list as many assets as possible.
The regulatory climate for crypto exchanges still remains hazy to this day. It is for this reason that exchanges are hesitant about introducing services that may or may not be accepted by the regulators.