In summary: Kraken has introduced new EUR margin pairs including SHIB/EUR, providing additional trading choices for European users. SHIB is gaining broader support as the meme coin community aims for full control by the end of 2024.
Increased Support for SHIB and Other Altcoins
One of the prominent US-based cryptocurrency exchanges, Kraken, has expanded its range of margin pairs available on its platform. The most recent additions are SHIB/EUR, NEAR/EUR, SEI/EUR, and PEPE/EUR.
The euro (EUR) is the official currency of the Eurozone, comprising 20 countries such as Germany, France, Spain, Italy, Austria, and the Netherlands. Kraken’s new offerings provide more options for European users dealing in the euro.
Margin trading enables users to utilize borrowed funds for leveraged trading by providing collateral, often in the form of cryptocurrencies. While it offers the potential for higher returns, it also carries a higher risk of liquidation.
Each margin pair on Kraken has different specifications; for instance, the SHIB/EUR pair allows up to 3x leverage with a $2 billion limit on opening long and short positions.
Kraken highlighted that SHIB was launched in 2020 by an anonymous developer known as “Ryoshi,” with the aim of being a community-run cryptocurrency project.
Notably, the meme coin’s team plans to transfer control to the community by the end of 2024 to achieve full decentralization.
Other Supporters of SHIB
Various cryptocurrency exchanges facilitate trading with the popular meme coin, including Kraken, Binance, Coinbase, Crypto.com, and others. Kraken initially listed SHIB in November 2021.
Earlier this year, Robinhood, a US financial services company, permitted trading with SHIB for residents of New York. Coinbase also introduced 1000SHIB-PERP perpetual futures contracts, allowing traders to speculate on cryptocurrency price movements without owning the assets. These contracts feature high leverage, no expiration date, and require users to uphold a margin level to maintain their positions.
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