Kronos Advanced Technologies (KNOS), a publicly traded company in the US has announced that it will accept Shiba Inu (SHIB) as payment as part of its new crypto integration plan. The decision was unveiled in the company’s Form 8-K filing with the US Securities and Exchange Commission (SEC). Kronos Advanced Technologies is the first public company that accepts SHIB as payment.
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Kronos Advanced Technologies CEO Greg Rubin said that the decision was made so that the firm stays on the cutting edge of technology. Rubin stated, ‘Integrating SHIB as a payment option aligns with our forward-thinking ethos and dedication to embracing technological advancements.’
Will Shiba Inu rally after the news?
SHIB is one of the most popular cryptocurrencies in the market. The asset has witnessed significant growth since its launch in August 2020. In less than four years, the asset has climbed into the top 15 projects in terms of market cap, with more than 1.39 million holders worldwide.
Kronos’ acceptance of Shiba Inu as payment could lead to a rise in adoption. Lead developer Shytoshi Kusama pointed out that adoption is an integral factor for growth. The development could lead to other companies following in Kronos’ footsteps and enabling SHIB payments.
Also Read: Shiba Inu: $1 Monthly Since Launch Is Worth $1.5 Million Today
Data from CoinCodex indicates that SHIB may have a price rise this week, reaching $0.000037 on July 6, 2024. The platform forecasts a correction back since it does not anticipate the asset’s price will hold.
There is also a possibility that the asset will continue an upward momentum throughout this month, given a few conditions are met. The larger crypto market needs to rebound from its current slump and Bitcoin needs to regenerate some steam. The upcoming Ethereum ETFs could also help the market come out of its current predicament.
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