Kraken, a crypto exchange, said on Twitter on Nov. 1 that it would list Shiba Inu. As SHIB's fortunes fall, Kraken kept its promise.
It was announced in a blog post on Kraken's website on Monday that the popular Ethereum-based meme coin Shiba Inu (SHIB) will be supported by Kraken, a cryptocurrency exchange.
The announcement comes less than a month after Kraken failed to deliver on a promise to list SHIB after its crypto platform product lead Brian Hoffman offered a Twitter "likes" challenge, prompting the company to retract its statement. Following a commotion among SHIB supporters, the firm stated that there was "extra work" to be done as it progressed through the evaluation process for its token listing.
On Monday, Kraken said that a deposit of 373,000 SHIB was required and that the cryptocurrency will be traded against the US dollar and the euro, with a trading minimum of 50,000 SHIB.
Investors will be unable to trade on SHIB margin or in futures contracts, according to the stock exchange.
As the overall cryptocurrency market continued to rally following Friday's sell-off, SHIB experienced a spike of more than 16 percent at one point on Monday.
The increasing use of cryptocurrencies over the past few years has demonstrated not only that digital currencies are now a vital means of transferring funds across borders and between people, but that cryptocurrencies are also an important means of gaining access to global markets for those who are financially excluded.
Cryptocurrency is now considered a need. -- From Bitcoin News
Despite continued efforts by regulators to restrict the usage and trading of cryptocurrencies, the number of people who own and use such digital assets continues to rise. Cryptocurrencies such as bitcoin, which are perceived or utilized as an alternative store of value, have shown to be a requirement, as several studies have demonstrated time and time again.
With the exception of its volatility, cryptocurrencies provide users or holders with a level of control over their wealth, something that is not possible with traditional fiat currency. Cryptocurrencies, in particular, provide an escape route for people living in nations plagued by inflation or with unstable currencies, which was not available to them before the global financial crisis of 2008.
As recent reports from Turkey have demonstrated, when a currency depreciates rapidly in an environment where ownership or access to alternative stores of value such as gold is limited, residents will turn to cryptocurrency as a means of preserving their purchasing power.
This use case of cryptocurrencies or cryptocurrency rails to transfer money across borders has been the most essential and probably even finest so far. Few digital currency skeptics will disagree with this judgment. Coins such as XRP, Stellar, and Bitcoin are far more efficient than traditional methods for transferring money across borders.
For example, the situation in Nigeria before the banning of crypto firms from the banking environment revealed that remittances based on bitcoin can outperform normal routes for delivering money. As a result, Nigerian migrants were able to avoid the various intermediaries that are normally involved in cross-border transactions thanks to the use of cryptocurrencies.
For those who live in less-developed nations, cryptocurrencies provide an opportunity to trade cryptocurrencies and gain access to financial services.
The size of a country's financial system to its GDP, for example, can limit access to particular financial products in these regions. Depending on the relationship between a less developed country and its more developed counterparts, some financial services are only available to those countries.
Access to the global financial system and its associated services may be severely restricted if relations between the two countries are tense. If a Zimbabwean wants to trade equities on the New York Stock Exchange or buy goods on Amazon, for example, OFAC sanctions may prevent them from doing so.
The same Zimbabwean individual, on the other hand, can purchase hot global stocks like Tesla, Amazon, Microsoft, and so on, utilizing particular cryptocurrency platforms. To put it another way, traders in Africa can gain access to some of the world's most popular marketplaces and successful stocks through the use of cryptocurrencies.
Many worldwide cryptocurrency exchanges allow traders on the African continent to trade 24 hours a day, seven days a week, using cryptocurrencies to buy and sell fiat stocks. Cryptocurrency traders are also capable of engaging in staking and risky futures and margin trading. People who are financially excluded can participate because cryptocurrencies can be held by anyone.
The reality is that cryptocurrencies have opened the door to a wide range of possibilities, despite the efforts of regulatory agencies to restrict or prohibit their use. Since the current financial system does not benefit everyone, attempting to outlaw the usage or exchange of cryptocurrencies is likely to be an exercise in futility.
Those African governments who have followed the lead of their Western counterparts in limiting the usage of cryptocurrencies should be aware of this. In addition, African central banks and regulators need to understand that the introduction of a central bank digital currency (CBDC) alone will not be sufficient to restore trust in a currency's market performance.
When a currency's value plummets, it takes more than a name change to restore public trust in it. This is why regulators should look at the rise in popularity of crypto assets as evidence of a lack of trust in the financial system, rather than trying to block individuals from using them. It is important for African central banks to understand the popularity of cryptocurrencies in order to design the proper regulatory response.
According to Bitcoin News, S&P Global, an intelligence and data company's statistics and analysts predict that the decentralized finance and cryptocurrency movements will continue to gain traction in 2022.
Blockchain technology is expected to continue to grow in tandem with traditional financial services this year, according to the company's most recent analysis on the market's current position.
Tokenization, according to the research, might also be a significant factor in helping people invest in assets they otherwise wouldn't be able to. Tokenization, in other words, has the potential to open up opportunities to everyone. An important theme for 2019 in the cryptocurrency sector is "a regulatory framework that recognizes the rights of token holders and smart contract protocols," which is a major focus in 2019.