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Leading Japanese cryptocurrency exchange BitTrade has extended its support for XRP and Shiba Inu (SHIB).
According to an announcement yesterday, BitTrade added support for SHIB and XRP on its lending product. BitTrade said it had commenced the recruitment of rentable crypto assets for SHIB and XRP.
SHIB and XRP Loan Details
Notably, the exchange scheduled the loan period for each asset for 90 days, with a 2% fixed annual rate. In addition, users can loan a minimum of 100 XRP (worth $59.5 at press time) and a maximum of 500,000 XRP ($297,500).
The exchange set a minimum loan amount of 10 million SHIB ($80) for Shiba Inu tokens, and a maximum of 10 billion SHIB ($80,000) could be loaned.
It bears mentioning that BitTrade has been a major supporter of Shiba Inu and XRP. Prior to its recent announcement, the Japanese exchange had already enabled spot trading for both assets.
BitTrade Now Supports 27 Crypto Assets
As reported last month, BitTrade listed SHIB and Dogecoin on its platform, bringing its total number of supported assets to 34 at the time. According to CoinGecko data, BitTrade has reduced its number of supported assets to 27, including XRP, SHIB, BTC, ETH, MKR, ONT, and several other assets.
Data from CoinGecko shows that BitTrade has a 24-hour trading volume of $4.5 million. Despite its low trading volume, BitTrade is still among the few Japanese exchanges with a registered license in the country.
Growing Popularity of SHIB and XRP
Meanwhile, BitTrade’s decision to add support for SHIB and XRP lending stems from the growing popularity of both assets, the announcement read.
It is common knowledge that SHIB and XRP are among the top crypto assets with vibrant communities. Enthusiasts behind these assets are always eager to declare their support for SHIB and XRP on social media platforms like X (formerly Twitter), thus drawing the attention of top crypto trading platforms.
While upcoming crypto assets pay to get listed on top exchanges, established coins like SHIB and XRP attract the attention of trading platforms due to their vibrant communities.
As reported earlier, Shiba Inu fans embarked on a campaign that prompted Robinhood, an American trading platform, to add support for SHIB. Although the XRP community has also embarked on a similar initiative, it is only a matter of time before Robinhood bows to pressure.