Saturday, January 23, 2021

XRP Investors Holding about 3 Billion XRP on Coinbase Won’t Receive Flare’s Airdrop. This Is Why

According to Flare’s recent update, XRP investors that currently holds about 3 billion XRP on Coinbase may be unable to receive Flare’s upcoming airdrop, due to the exchange’s disinterest in joining other exchanges that have chosen to support the distribution of the free Spark tokens.

In about two weeks’ time, any XRP investor that properly followed procedure to qualify for the much-awaited airdrop will start receiving free Spark tokens.

This will not include Hodlers on the US-based cryptocurrency exchange Coinbase, which hasn’t signed up for the airdrop, and according to Flare Networks, it’s likely too late for the leading exchange to join.

Read Also: XRP Always Pumps Last, and Pumps the Most –Prominent XRP Investor Makes Historic Reference

Snapshot of XRP Ledger to Play Out On 12th December 2020

Flare Networks is a Ripple-funded blockchain network. It had earlier announced that the snapshot of XRP Ledger will play out on 12th December 2020, which will precede the distribution of free Spark tokens (airdrops) for XRP investors at a 1:1 ratio.

Airdrops are like cryptocurrency giveaways. It’s usually a means for developers to create buzz around some crypto projects.

Wallets and cryptocurrency exchanges must agree to support the airdrop for their respective users that are holding XRP to receive free tokens. A wallet or exchange that fails to support the airdrop will deprive its users holding XRP the opportunity to claim the much talked about free Spark tokens.

It’s the wish of Flare to see all major crypto exchanges supporting the airdrop. A few days ago, it urged exchanges such as Coinbase to support the airdrop.

Coinbase Fails To Support the Airdrop

However, on 28th November, Flare said that Coinbase has “barely engaged with Flare Networks.”

Flare later tweeted to warn Coinbase users that they may not be part of the airdrop, considering the little time left for exchange to prepare for it.

Another crypto exchange that showed outright disinterest in the Flare’s airdrop is Kraken.

Kraken responded to a user’s inquiry, “We currently do not have plans to support this airdrop/fork, you could consider withdrawing your coins to the wallet you control. Kraken is not obligated to credit airdrops that occurred in the past or that will occur in the future.”

Read Also: Credible Crypto: To Be Able To Buy XRP between $0.38 and $0.55 Is a Blessing

Howbeit, other major cryptocurrency exchanges such as Binance, have shown their readiness for the Flare snapshot of the XRP Ledger.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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