The world’s largest crypto exchange platform by volume has announced support for memecoin Shiba Inu (SHIB) as collateral for one of its lending programs.
In a new company statement, Binance reports say that it adds SHIB, alongside a handful of other altcoins, as collateral for its flexible lending function.
Binance’s flexible loans allow users to take out loans backed by cryptocurrencies without having to commit to a specific loan term for the duration of the loan.
Other digital assets listed as backed collateral in the loan program include blockchain-based gaming platform Enjin Coin (ENJ), decentralized marketplace Holo (HOT), and video-focused blockchain Theta Network (THETA).
Earlier this week, the Shiba Inu development team announced that it planned to incorporate blockchain-based digital identities into its ecosystem.
According to Shiba Inu’s official Twitter account, lead developer Shytoshi Kusama said they plan to add Self-Sovereign Identity (SSI) to all Shiba Inu projects, which are blockchain-based identities similar to digital passports.
Late last month, the Shiba Inu team released the beta version of its cross-chain bridge for public testing, leading to both SHIB and Bone ShibaSwap (BONE), the token associated with the highly anticipated upcoming layer-2 scaling solution. Shibarium of the ecosystem, rising , which defied the overall crypto market trend at the time.
The bridge would allow traders to transfer tokens between Shibarium and leading smart contract platform Ethereum (ETH).
Shiba Inu is trading at $0.00001 at the time of writing, up 9.63% in the past 24 hours.
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Featured image: Shutterstock/DMegias