Coinbase exchange lists Shiba Inu (SHIB); SHIB surges over 30%

San Francisco-based crypto exchange Coinbase has listed Shiba Inu (SHIB/USD), the 47^th-largest cryptocurrency by capitalization. The exchange unveiled this news through a blog post on September 16, noting that the canine-themed cryptocurrency is available on Coinbase.com and in the Android and iOS versions of the Coinbase app. Reportedly, SHIB is also available on Coinbase Pro.

According to the blog post, this listing will allow Coinbase users to trade, send, receive, and store SHIB in most Coinbase-supported regions. Details on the jurisdictions that don’t support SHIB are available on the asset’s page.

Explaining why it decided to list SHIB, Coinbase mentioned features that set the coin apart from the pack. These include the fact that token aims to be the Ethereum-based alternative to popular meme coin Dogecoin (DOGE). Additionally, the SHIB ecosystem supports projects like an NFT art incubator and the development of an upcoming decentralized exchange dubbed Shibaswap.

Striving to offer a high-end crypto experience

Coinbase further noted that adding support for SHIB is part of its response to users demanding a robust selection of cryptocurrencies. The exchange further noted that SHIB followed its new listing process, which involves issuers submitting a form comprising assets they want to be listed. Coinbase then evaluates the suggested coins through its digital asset framework to determine which assets are worth listing.

To ensure newbies have a seamless experience while investing in crypto, Coinbase said,

“We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see SHIB), as well as a new section of the Coinbase website to answer common questions about crypto.”

As is the norm, the Coinbase listing effect saw SHIB surge sharply. At the time of writing, 8:40 AM UTC, SHIB is changing hands at $0.000008814 (£0.0000064) after gaining 32% over the past 24 hours. According to data from CoinMarketCap, SHIB’s market cap has also gained 32.06% to hit $3,471,732,505.00 (£2,516,467,947.59).

While Coinbase is striving to offer users a wholesome experience, its endeavors have brought it under scrutiny by the US Securities Exchange Commission (SEC). The financial regulator informed the exchange that it would file a lawsuit against it if it launches its lending product. Reportedly, the SEC did not give any reasons for its decision to sue the exchange, although other crypto firms have offered lending products for years without consequence.