The world’s largest crypto exchange platform by volume has announced support for memecoin Shiba Inu (SHIB) as a collateral asset for one of its loan programs.
In a new company statement, Binance says that it’s adding SHIB, alongside a handful of other altcoins, as collateral to its flexible loan feature.
Binance’s flexible loans allow users to take out loans collateralized by cryptocurrencies without needing to commit to a specific loan term for the duration of the loan.
Other digital assets included in the loan program as supported collateral include blockchain-based gaming platform Enjin Coin (ENJ), decentralized marketplace Holo (HOT) and video-focused blockchain Theta Network (THETA).
Earlier this week, the Shiba Inu development team announced that it was planning to incorporate blockchain-based digital identities into its ecosystem.
According to the official Shiba Inu Twitter account, lead developer Shytoshi Kusama said that they’re planning to add Self-Sovereign Identity (SSI) in all Shiba Inu projects, which are blockchain-based identities akin to digital passports.
Late last month, the Shiba Inu team released the beta version of its cross-chain bridge for public testing, prompting both SHIB and Bone ShibaSwap (BONE), the token associated with the ecosystem’s highly anticipated upcoming layer-2 scaling solution Shibarium, to rise, defying the overall crypto market trend at the time.
The bridge would allow traders to transfer tokens between Shibarium and the leading smart contract platform Ethereum (ETH).
Shiba Inu is trading for $0.00001 at time of writing, a 9.63% surge during the last 24 hours.
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Featured Image: Shutterstock/DMegias
