Binance Adds Shiba Inu (SHIB) As Collateral Asset

Recent reports have revealed that Binance, the world’s largest cryptocurrency exchange platform by volume, has added memecoin Shiba Inu (SHIB) as a collateral asset in one of its loan programs.

Along with a few other altcoins, Binance has included SHIB in its flexible loan feature, allowing users to take out loans collateralized by cryptocurrencies without committing to a specific loan term.

The program also supports other digital assets like Enjin Coin (ENJ), Holo (HOT), and Theta Network (THETA).

Earlier this week, the Shiba Inu development team announced that it was planning to incorporate blockchain-based digital identities into its ecosystem.

The Shiba Inu Twitter account shared that the lead developer, Shytoshi Kusama, has announced plans to incorporate Self-Sovereign Identity (SSI) across all Shiba Inu projects.

SSI is a blockchain-based identity system similar to digital passports. In recent weeks, the Shiba Inu team released a beta version of its cross-chain bridge for public testing.

This resulted in a rise in both SHIB and Bone ShibaSwap (BONE), the token linked to Shibarium, the ecosystem’s highly anticipated layer-2 scaling solution.

This increase occurred despite the overall downward trend in the crypto market during that time.

According to the official Twitter account of the Shiba Inu (SHIB) ecosystem, lead developer Shytoshi Kusama plans to incorporate Self-Sovereign Identity (SSI) in all future Shiba Inu projects.

SSI is a blockchain-based digital identity solution that functions like a passport for verifying identity in the digital realm. With SSI, users have complete control over how their digital identity is stored and utilized.

According to Shiba Inu influencer Lucie, Shibarium SSI offers five huge benefits for all holders of the ecosystem’s tokens.

“Shibarium SSI: Control your data, stay private!

Self Custody
Portability
ZK (zero-knowledge) Compliant
Secure
Gateway

Your key to secure identity!”