Key takeaways
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Crypto exchange Binance has added SHIB, IOTA and other cryptocurrencies as collateral assets on its platform.
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Binance also included 22 new cryptocurrencies as loanable assets.
Binance Approves SHIB as a collateral asset
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, including AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS, using the flexible loan option. Meanwhile, NKN, FARM, DIA, YGG, OGN, and ACA have been added to the VIP loan options.
Binance explained that its Flexible Loan is an isolated, over-collateralised, and open-term loan service that allows users to complete loan orders while collateralising cryptocurrencies in existing Simple Earn Flexible Products subscriptions.
Meanwhile, the VIP Loan is designed as a large personal and institutional over-collateralised loan featuring competitive rates, terms, and services.
Binance could list the BONE token
The cryptocurrency is also considering listing the BONE token on its platform. BONE is the governance token of ShibaSwap, Shiba Inu’s decentralised exchange. The token allows the Shiba Inu community to vote on upcoming proposals, submit proposals and access future NFTs.
The BONE token could also be an integral part of the upcoming Shibarium mainnet launch. The project’s lead developer, Shytoshi Kusama, has previously stated that the Shibarium mainnet launch could happen this month.
However, there is no specific launch date. SHIB, the native token of the Shiba Inu ecosystem, is currently up by more than 4% in the last 24 hours. At press time, the price of SHIB stands at $0.00000861.