Kraken Adds Shiba Inu as Collateral for Futures Trading

Kraken, a prominent US-based cryptocurrency exchange, has expanded its offerings by adding Shiba Inu (SHIB) as a new collateral option for futures contracts.

With this update, traders can now use SHIB, along with Dogewhifhat (WIF) and Bonk (BONK), as collateral to gain exposure to over 200 perpetual futures.

New collateral added for futures: ✅ $SHIB @Shibtoken

You can now use SHIB to get exposure to over 200 perpetual futures.

Simply transfer SHIB from your Kraken spot wallet to your Futures wallet to get started. ⬇️ https://t.co/CNg2RZ1YqF

*Geo restrictions apply pic.twitter.com/LJKj9O1AIZ

— Kraken Pro (@krakenpro) August 29, 2024

To use these tokens as collateral, traders need to transfer them from their spot wallet to their futures wallet.

Kraken enables users to deposit multiple collateral currencies into a single wallet. This includes fiat currencies like the US dollar and euro, stablecoins, Bitcoin, and various altcoins.

Notably, Kraken had added ADA as collateral in August 2022. However, some tokens are still not accepted as collateral and must be converted to a supported currency.

The platform supports both single-collateral and multi-collateral futures contracts. Before trading, users need to deposit collateral into their futures wallet, select a contract, and submit an order.

Kraken originally listed SHIB in late 2021 after a successful campaign by the coin’s community to gain another major exchange listing.