In a recent announcement, BitTrade, a prominent Japanese cryptocurrency exchange, has unveiled its decision to add support for Shiba Inu (SHIB) and Ripple (XRP) on its lending platform. The move comes as a response to the increasing popularity of these assets and the growing demand from the vibrant communities surrounding SHIB and XRP.
BitTrade has initiated the recruitment of rentable crypto assets for SHIB and XRP, allowing users to participate in the lending program. The exchange has set a loan period of 90 days for each asset, offering a fixed annual rate of 2%. Notably, this strategic move follows BitTrade’s previous support for spot trading of SHIB and XRP, showcasing its commitment to these digital assets.
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Lending Parameters
- XRP Lending: Users can loan a minimum of 100 XRP, valued at $59.5 (at the time of the press), with a maximum limit of 500,000 XRP, equivalent to $297,500.
- SHIB Lending: BitTrade has established a minimum loan amount of 10 million SHIB, valued at $80, and a maximum limit of 10 billion SHIB, equivalent to $80,000.
BitTrade, despite its 24-hour trading volume of $4.5 million, remains a significant player in the Japanese crypto exchange landscape, holding a registered license in the country.
Platform’s Cryptocurrency Support
According to CoinGecko data, BitTrade currently supports 27 assets, including XRP, SHIB, BTC, ETH, MKR, ONT, and others. The exchange had previously listed SHIB and Dogecoin, bringing its total supported assets to 34. This strategic reduction in supported assets might reflect BitTrade’s focus on key cryptocurrencies with strong communities and demand.
Community-Driven Initiatives
The decision to include SHIB and XRP in the lending program is influenced by the passionate communities surrounding these assets. Both SHIB and XRP have active and engaged enthusiasts who have successfully campaigned for support on various platforms.
Shiba Inu’s community recently launched a campaign urging Robinhood, a leading American trading platform, to add support for SHIB. While the XRP community has also initiated a similar campaign, the announcement suggests it’s only a matter of time before Robinhood succumbs to the mounting pressure.
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Established coins like SHIB and XRP attract attention from trading platforms due to their vibrant communities, which often express their support on social media platforms. This move by BitTrade aligns with the industry trend where the popularity and community strength of an asset play a pivotal role in its adoption and support by major exchanges.
As the crypto space continues to evolve, BitTrade’s proactive approach to cater to the demands of its user base reflects the dynamic nature of the market and the strategic importance of community-driven initiatives.