Flare Airdrop: Coinbase’s Latest Initiative for XRP Owners
Coinbase has announced that it is currently in the process of distributing Flare (FLR), a long-awaited cryptocurrency asset, to eligible users through an airdrop.
The goal of Flare Network, which uses the FLR token, is to introduce smart contract capabilities to different blockchain networks, beginning with XRP and Litecoin (LTC).
In order to qualify for the airdrop, users needed to have owned XRP on Coinbase on December 12th, 2020, the day Flare took a snapshot of its blockchain.
While the airdrop distribution is underway, Coinbase will not allow outbound transfers of FLR until there is enough liquidity on the exchange.
Coinbase will add support for Flare (FLR) on the Flare network. Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase and @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) April 11, 2023
Following the completion of the airdrop and once there is a sufficient supply of FLR, Coinbase will announce the launch of trading for their FLR-USD pair in stages.
READ MORE: Bitcoin: The New Gold Standard for Economic Downturns?
FLR will be categorized as an experimental asset by Coinbase due to its higher volatility and lower trading volume when compared to more established digital assets.
Coinbase suspended trading of XRP on January 19th, 2021, following allegations that payments company Ripple had sold XRP as an unregistered security.
FLR, along with several other exchanges, began distributing the airdrop on March 17th and is currently trading at $0.034 with a market cap of $433.5 million, down 4.71% in the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
