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• Binance has approved SHIB, IOTA and other cryptocurrencies as collateral assets on its lending platform.
• Binance also included 22 new cryptocurrencies as loanable assets on their platform.
• Binance is considering listing the BONE token of ShibaSwap, Shiba Inu’s decentralised exchange.
Binance Approves SHIB and Other Cryptocurrencies as Collateral Assets
Binance, the world’s leading cryptocurrency exchange, announced on Friday, August 4th that it has approved SHIB, Shiba Inu’s native token, as a collateral asset on its lending platform. While announcing this latest cryptocurrency news , Binance said it had added new loanable and collateral assets for its users. In its blog post earlier today, Binance said that SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST are now collateral assets on its platform. This means users can borrow funds on the Binance lending platform and use these cryptocurrencies as collateral. Furthermore, users can borrow new assets such as AUCTION, PYR, ILV KNC YGG GAS CELO IRIS using the flexible loan option. Meanwhile NKN FARM DIA YGG OGN ACA have been added to the VIP loan options .SHIB is currently up by more than 4% in the last 24 hours and at press time the price of SHIB stands at $0.00000861.
Flexible Loan Option
Binance’s Flexible Loan is an isolated over-collateralised open-term loan service that allows users to complete loan orders while collateralising cryptocurrencies in existing Simple Earn Flexible Products subscriptions .
VIP Loan Option
The VIP Loan is designed as a large personal and institutional over-collateralised loan featuring competitive rates terms and services .
Binance is also considering listing the BONE token of ShibaSwap which is Shiba Inu’s decentralised exchange token allowing community members to vote upcoming proposals submit proposals access future NFTs . The BONE token could be an integral part of Shibarium mainnet launch which could happen this month however there is no specific launch date yet .
In conclusion , Binance has taken a step further towards crypto adoption by approving major tokens such as SHIB ,IOTA etc as collaterals for loans . Users can now take advantage of different types of loans provided by them with these tokens being used for collaterals .The project is also looking forward to list another major crypto -the Bone Token from ShibaSwap decentralized exchange which will allow more features for community members who wish to participate in governance process .