Korbit has announced that it will list Shiba Inu, making it the first crypto exchange in South Korea to support the meme coin. South Korea is known for its strict crypto regulations.
Starting on Thursday, the Seoul-based cryptocurrency trading platform will allow customers to trade the meme coin against the Korean won.
It will also include Injective Protocol (INJ), the native token of the eponymous Layer 2 decentralized finance (DeFi) protocol, in addition to SHIB.
One of the last South Korean exchanges
Korbit is one of the few cryptocurrency exchanges that survived the harsh regulatory crackdown that forced smaller players to close shop in droves earlier this year.
In September, forty exchanges were forced to close due to failure to register with the Financial Intelligence Unit. Those trading firms that were unable to secure banking partnerships and provide their customers with real-name accounts were forced to disable won trading, implying that they can only facilitate crypto-to-crypto trading.
After meeting the necessary regulatory requirements, only Bithumb, Coinone, Upbit, and Korbit are permitted to offer won trading.
Multiple exchanges delisted high-risk altcoins in June.
Korbit, in addition to being the first exchange to bring Shiba Inu to the South Korean crypto market, also launched the country’s first non-fungible token marketplace in June.
Shiba Inu continues to sag
Shiba Inu was also listed on Coinhako, a Tim Draper-backed Singaporean exchange, earlier this week.
In mid-November, it was also made available on New York-based Gemini.
However, the cryptocurrency is showing no signs of recovery, falling to $0.00003757, its lowest level since Oct. 24, earlier today. SHIB is down roughly 55% from its peak on October 28th, falling to 13th on CoinMarketCap.
Today, the trading volume of the meme coin has surpassed $2.7 billion.