Binance to Accept SHIB as Collateral for its Loan Program

The world's largest cryptocurrency exchange platform by volume has recently declared its support for memecoin Shiba Inu (SHIB) as a collateral asset for one of its loan programs.

According to a company statement, Binance includes SHIB and several other altcoins in its flexible loan feature. This allows users to obtain loans backed by cryptocurrencies without committing to a specific loan term.

The loan program also accepts other digital assets as collateral, such as Enjin Coin (ENJ), Holo (HOT), and Theta Network (THETA), which are a blockchain-based gaming platform, decentralized marketplace, and video-focused blockchain, respectively.

The Shiba Inu development team recently announced its plan to integrate blockchain-based digital identities into its ecosystem.

Lead developer Shytoshi Kusama shared on the official Shiba Inu Twitter account that they intend to incorporate Self-Sovereign Identity (SSI) into all Shiba Inu projects, similar to digital passports.

Last month, the Shiba Inu team launched the beta version of its cross-chain bridge for public testing, causing both SHIB and Bone ShibaSwap (BONE) tokens to rise despite the overall crypto market trend at the time.

This bridge facilitates token transfers between Shibarium and Ethereum, the leading smart contract platform.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.