Nasdaq-listed cryptocurrency exchange Coinbase has revealed it intends to honor its commitment to support the Flare ($FLR) token airdrop for users who held $XRP at the time of the snapshot, which was back on December 12, 2020.
According to a series of tweets Coinbase shared with its users, the airdrop will be distributed to XRP holders in “supported jurisdictions.” The exchange clarified that it cannot guarantee support for any particular jurisdiction and that FLR trading is “expected to generally be available in Coinbase’s supported jurisdiction.”
FLR trading is notably not going to be available in several jurisdictions including Germany, Japan, New York, and Singapore. Coinbase is joining a number of other exchanges supporting the airdrop, including Crypto.com.
The airdrop is set to distribute $FLR tokens to each user holding XRP at the time of the snapshot at a 1:1 ratio. As CryptoGlobe reported, back in August Japanese cryptocurrency trading platform Huobi Japan, the Japanese subsidiary of popular trading platform Huobi, announced support for the airdrop.
Flare network is a blockchain bringing smart contract functionalities to XRP and other cryptoassets that do not yet have them, although it’s bringing these in through a separate blockchain than the XRP Ledger.
Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”
Earlier this year, Flare Networks entered a new partnership with Ola finance, a platform offering customized lending networks, in a bid to further expand the decentralized finance (DeFi) offering it brings to assets like $XRP and Dogecoin ($DOGE).
Notably Coinbase was one of the cryptocurrency exchanges that delisted $XRP after the U.S. Securities and Exchange Commission (SEC) sued Ripple and two of its executives alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
Earlier this month Coinbase said its self-custody crypto wallet app Coinbase Wallet would be dropping support for four major cryptoassets, including XRP, from January 2023 over “low usage.”
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