Shiba Inu could be listed on leading middle eastern exchange
The world’s first Shiba Inu could be listed on the leading Middle Eastern exchange in the coming weeks, according to a report. The cryptocurrency exchange, called Abu Dhabi-based exchange CoinZest, has reportedly received approval from regulators to list the Japanese breed of dog as a crypto token.
The token will be called the “InuCoin” and will be used as a medium for paying for goods and services. The report, which was later confirmed by CoinZest, suggests that the token will be issued using the ERC-20 protocol, which is used for most other cryptocurrencies.
The Shiba Inu cryptocurrency was originally created to raise money for the Japanese canine association, Shiba Inu Kyokai (SIK), and is now one of the most popular cryptocurrencies among Japanese investors.
BitOasis currently ranks as the largest cryptocurrency exchange in the Middle East, with over $1.7 billion in daily trading volume. The addition of the Shiba Inu cryptocurrency to BitOasis’s offering will bring the total number of cryptocurrencies available for trading on the platform to 10.
Shiba Inu’s bearish run
Apart from the new exchange listing, Shiba Inu also enjoys growing merchant adoption. The partnership with Coincheck, one of the largest cryptocurrency exchanges in Japan, is expected to bring further adoption and use cases for the coin.
Already, many Shiba Inu users have begun to use the co-branded ATMs and p2p payment apps that Coincheck has launched to bring cryptocurrency to the masses. Other merchants are also starting to integrate Shiba Inu into their businesses, further increasing adoption. For example, Niji Hibiya, a popular Japanese steak restaurant, has begun accepting Shiba Inu as a form of payment.
The Shiba Inu, a small dog largely associated with Japan, is one of the most popular dog breeds in the world. But the Shiba Inu could soon be listed on one of the largest financial exchanges in the Middle East.
On Tuesday, the Saudi Arabian stock exchange said it would begin trading shares of Japheth International, a company based in Bahrain that owns Japhethco, a company that owns Shiba Inu. The Shiba Inu can trace its origins back thousands of years in Japan, where it was bred to hunt small game and protect livestock.
Users on the Shiba Inu cryptocurrency could soon see their digital assets trade on a leading exchange for cryptocurrencies in the Middle East. The exchange, which is in the midst of being launched, is based in Bahrain and will list digital assets “in line with the vision of the project,” according to a statement.
Shiba Inu, which is a Japanese breed of dog, is a relatively new cryptocurrency that is focused on payments, with plans to expand into other areas such as data and storage. The digital assets of users on the Shiba Inu blockchain will be tradable on the new exchange, which will provide new liquidity and potential price discovery.