Samsung-Backed Crypto Wallet Service ZenGo Adds Shiba Inu To Its Platform

ZenGo, a Samsung-backed cryptocurrency wallet service, said it has added meme cryptocurrency Shiba Inu (CRYPTO: SHIB) to its platform.

What Happened: ZenGo made the announcement on Twitter.

Spread the news #SHIBArmy @ShytoshiKusama: @Shibtoken is now available on ZenGo!

Why we’re so excited for $SHIB: https://t.co/EMzKidFbZ8 pic.twitter.com/IvcHvAbzHb

— ZenGo (@ZenGo) November 16, 2021

The Israel-based company also said in a blog post that its users could now buy, send, receive and trade Shiba Inu tokens directly through its platform.

ZenGo is a keyless, non-custodial wallet, which means that the user – rather than the company – remains in control of the user’s cryptocurrency assets. ZenGo’s wallets are generated with the help of 3D facial biometrics.

ZenGo said in April that it raised $20 million in a Series A funding round. Samsung Next, the venture capital fund of Samsung, was one of the notable investors.

See Also: How To Buy Shiba Inu Coin (SHIB)

Why It Matters: ZenGo’s announcement highlights the growing acceptance of Shiba Inu, an Ethereum-based token created as a rival to Dogecoin (CRYPTO: DOGE).

Major companies have now started to accept Shiba Inu for payments. AMC Entertainment Holdings Inc. (NYSE: AMC) said on Monday that the movie theatre chain would accept the Shiba Inu token for payments within the next four months.

Shiba Inu is currently the 11th largest cryptocurrency in terms of market capitalization, just behind Dogecoin, as per CoinMarketData.

Price Action: Shiba Inu is down 6.7% during the past 24 hours, trading at $0.00004731 at press time.

Read Next: Anonymous Crypto Wallet Moves $921M Worth Of Bitcoin