Binance Expands Support for Shiba Inu (SHIB) with New Utility

Bombolo | News and Media

Binance, the world's leading digital assets exchange in terms of 24-hour trading volume, has yet again demonstrated its support for the Shiba Inu (SHIB) community. In an exciting move, the exchange has incorporated SHIB as a collateral asset in its flexible loan service section, offering more value to its customers. This development comes as a delightful surprise to the teeming Shiba Inu enthusiasts.

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Shiba Inu Joins Binance's Flexible Loan Service

In a recent announcement, Binance revealed that it has expanded its support for SHIB by including it as one of the eight tokens accepted as collateral assets in its flexible loan service. Alongside SHIB, other tokens such as COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST have also been added to the platform. This move provides the SHIB community with new opportunities to leverage their holdings for borrowing other cryptocurrencies.

Understanding Binance's Flexible Loan Service

For those unfamiliar with Binance's Flexible Loan service, it is a platform that allows users to borrow supported cryptocurrencies without being locked into a specific loan term. Users who wish to avail themselves of this service must possess the required collateral assets. By incorporating SHIB into this platform, Binance is further enhancing the utility and accessibility of the canine-themed token.

Also Read: Dogecoin (DOGE) Rival Shiba Inu (SHIB) and Bone ShibaSwap (BONE) Defy Market Trends with Upward Movement

Speculations on BONE Listing

Binance's continued support for SHIB has sparked speculations regarding the potential listing of Bone Shibaswap (BONE) on the exchange. The community eagerly awaits the possibility of trading BONE on Binance, which would undoubtedly increase its liquidity and visibility.

However, some exchanges have reportedly declined to list BONE due to concerns about the ownership and control of the token. To address this issue, Shytoshi Kusama, the lead developer of Shiba Inu, has hinted at a future action that will involve the team renouncing the Bone Shibaswap contract. This step is expected to occur after minting the planned 20 million BONE tokens for validators' reward purposes.

Binance's decision to include SHIB as a collateral asset in its flexible loan service is a clear sign of the exchange's commitment to supporting the Shiba Inu community. By offering users more opportunities to utilize their SHIB holdings, Binance is fostering growth and engagement within the cryptocurrency ecosystem. As the demand for SHIB and BONE continues to rise, Binance's support will likely play a pivotal role in shaping the future of these tokens.

Also Read: Can Owning Just 1,000 SHIB Tokens Make You a Millionaire?

FAQs

1. Can I borrow other cryptocurrencies using my SHIB holdings on Binance?
   Yes, you can now collateralize Shiba Inu to borrow other cryptocurrencies through Binance's Simple Earn Flexible Products subscription, but this can only be done using the Flexible Loan service.
2. What is Binance's Flexible Loan service?
   Binance's Flexible Loan service enables users to borrow supported cryptocurrencies without committing to a specific loan term, providing greater flexibility in managing their assets.
3. Will Binance list Bone Shibaswap (BONE) in the future?
   There is speculation that Binance might consider listing BONE after the team renounces the Bone Shibaswap contract, potentially opening up trading opportunities for the token.
4. What are the other tokens accepted as collateral assets in Binance's flexible loan service?
   Alongside SHIB, Binance's flexible loan service accepts tokens like COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST as collateral assets.
5. How does Binance's support benefit the Shiba Inu community?
   Binance's support for SHIB enhances its utility, liquidity, and visibility, offering the Shiba Inu community more opportunities to engage with the cryptocurrency market.