Kraken Enables Users to Deposit via Shiba Inu (SHIB)

US-based crypto exchange Kraken announced on Monday that it has added support for deposits via Shiba Inu (SHIB), an Ethereum-based memecoin inspired by Dogecoin.

Starting from today, users can add SHIB to their Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. The minimum deposit is 373,000 SHIB. Deposits would require 20 confirmations or five minutes. Moreover, Kraken will enable order entry and execution. 

As mentioned in the official announcement, SHIB will be tradeable against USD and EUR, with a trading minimum of 50,000 SHIB, a price precision of 8 decimal places and a quantity precision of 5 decimal places.

In addition, Kraken and Kraken Terminal will be available for SHIB. Kraken Futures and Margin Trading won’t be available at launch. Although the company clarified that they’re set to list more crypto assets, they have as a policy to not reveal any details until shortly before launch.

As Fazzaco reported earlier, Kraken has hired Mike Davidson​ as the company's new Vice President, Design & Research. In his new role, Mike will be in charge of bolstering client experiences across the full suite of products offered nowadays.