Major South Korean cryptocurrency trading platform Upbit has started distributing xCORE tokens to holders of $XRP and of $SOLO that held their assets at the time of the airdrop’s snapshot, and plans on supporting withdrawals in the near future.
In a recently published announcement, Upbit detailed that the airdrop distribution has now started and is expected to be complete within the next 48 hours. The snapshot for the airdrop was taken back on March 24, at 13:00 Korean Standard Time (KST), with a total of 50 million tokens are to be distributed equally between SOLO and XRP holders.
According to the project, a total of 100 million $CORE tokens are being distributed to current token holders, while a total of 50 million xCORE tokens are being distributed to wallets that hold SOLO and/or XRP at the time of the snapshot.
The team noted that xCORE, an option token, can be exchanged for CORE tokens if the CORE price reaches and remains above $10.00 for 240 consecutive hours (10 days).
By issuing xCORE tokens as an option, the Core team is providing an additional incentive for the community to support the growth of the CORE ecosystem, while also providing a measure of flexibility for those who may not wish to hold CORE tokens directly.
It’s important to point out that after expiry the team notes that “regardless of the price, holders of xCORE are eligible to exchange 1:1 to CORE tokens via a smart contract on the Coreum Blockchain.”
Upbit was recently behind a Solana-based alternative cryptocurrency surge after it was listed on the cryptocurrency exchange. The altcoin, called Access Protocol ($ACS), saw its price surge over 200% after Upbit announced the listing.
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