Binance approves Shiba Inu as collateral asset

Crypto exchange Binance is adding 22 new loanable and collateral assets to its Flexible Loan and VIP Loan service, the exchange announced on Aug. 4.

In its official statement, Binance disclosed several new collateral assets, including Shiba Inu (SHIB), Compound (COMP) and Theta (THETA). This development has also fueled speculation about the potential listing of Bone ShibaSwap (BONE) tokens on Binance, coinciding with the upcoming launch of the layer-2 blockchain, Shibarium, anticipated to take place in August.

The cryptocurrency exchange concurrently announced the addition of 22 cryptocurrencies as loanable collateral assets on its Flexible Loan and VIP Loan services.

According to the announcement, Binance has expanded its Flexible Loan service by including eight new loanable assets. Its VIP Loan service has been expanded with six new loanable assets.

In a separate announcement, Binance introduced Nem (XEM) as a newly available borrowable asset. The XEM/USDT pair is now supported on the cross-margin trading platform.

Following the Shibarium testnet PuppyNet launch, BONE has been listed on various cryptocurrency exchanges, including OKX, Huobi and Crypto.com.

Related: BTC price risks new sub-$29K dip as Binance fears test Bitcoin bulls

Binance is considering the listing of the BONE token, and its potential inclusion is contingent upon the forthcoming Shibarium mainnet launch, which fulfills one of the listing prerequisites for new tokens. The project’s lead developer, Shytoshi Kusama, had previously disclosed the possibility of the Shibarium launch happening in August.

Magazine: Deposit risk: What do crypto exchanges really do with your money?