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Coinbase Completes Airdrop Distribution of Flare Tokens to Eligible Users

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On April 16th, Coinbase Asset announced on social media that Coinbase has completed the airdrop distribution of Flare (FLR) tokens, with over 601 million Flare (FLR) tokens distrib

Coinbase Completes Airdrop Distribution of Flare Tokens to Eligible Users

On April 16th, Coinbase Asset announced on social media that Coinbase has completed the airdrop distribution of Flare (FLR) tokens, with over 601 million Flare (FLR) tokens distributed to eligible users. This airdrop is based on the XRP balance held by Coinbase users on December 12, 2020 (including Coinbase Exchange and Coinbase Pro accounts). Currently, XRP transactions are still suspended on the Coinbase platform. Coinbase Chief Legal Officer Paul Grewal previously stated that Ripple can only relist on the platform after obtaining regulatory clarity after a lawsuit ruling with the US Securities and Exchange Commission.

Coinbase: Flare (FLR) airdrop distribution completed

On April 16th, Coinbase Asset announced on social media that Coinbase has completed the airdrop distribution of Flare (FLR) tokens, with over 601 million Flare (FLR) tokens distributed to eligible users. This airdrop is based on the XRP balance held by Coinbase users on December 12, 2020 (including Coinbase Exchange and Coinbase Pro accounts). Currently, XRP transactions are still suspended on the Coinbase platform.

What is Flare (FLR) Token and Why is Coinbase Airdropping it?

Flare (FLR) is a new blockchain project incorporating the Ethereum Virtual Machine (EVM) interoperable smart contract platform with the addition of a new consensus mechanism called the Federated Byzantine Agreement (FBA). Flare’s native token, Spark (FLR), was issued as a fork of the XRP ledger, and aims to create a more decentralized and efficient network. Coinbase has supported and recognized the Flare project since its inception, and hence decided to airdrop tokens to eligible users who held XRP on the 12th of December, 2020.

How Does the Airdrop Work?

Coinbase users who held XRP in their Coinbase accounts on the specified date were entitled to receive Flare tokens in the airdrop. The amount of Flare tokens distributed was proportional to the amount of XRP held on the Coinbase platform. Eligible users will receive Flare tokens in their Coinbase accounts automatically if they are entitled to participate in the airdrop.

What About the Suspension of XRP Transactions on Coinbase?

On December 22, 2020, after the U.S. Securities and Exchange Commission (SEC) filed charges against Ripple, the issuer of XRP, Coinbase suspended trading of XRP on its platform. However, the airdrop of Flare (FLR) tokens to XRP holders was not affected by the suspension. As of this writing, XRP transactions are still suspended on the Coinbase platform.

Is Ripple Going to Be Relisted on Coinbase?

Coinbase Chief Legal Officer Paul Grewal previously stated that Ripple can only relist on the platform after obtaining regulatory clarity after a lawsuit ruling with the US Securities and Exchange Commission. Currently, there is no timeline on when Ripple will obtain regulatory clarity or when it will be relisted on the Coinbase platform.

Conclusion

The completion of the Flare (FLR) token airdrop by Coinbase has provided an opportunity for eligible users to receive free tokens. Flare aims to create a more decentralized and efficient network, and the airdrop by Coinbase has helped in increasing its adoption. However, the suspension of XRP transactions on Coinbase continues, and the relisting of Ripple is dependent on regulatory clarity.

FAQs

1. What is Flare (FLR) Token?
– Flare (FLR) is a new blockchain project incorporating the Ethereum Virtual Machine (EVM) interoperable smart contract platform with the addition of a new consensus mechanism called the Federated Byzantine Agreement (FBA).

2. How was the Flare (FLR) Token airdrop distributed by Coinbase?
– The airdrop was based on the XRP balance held by Coinbase users on December 12, 2020 (including Coinbase Exchange and Coinbase Pro accounts).

3. When will Ripple be relisted on Coinbase?
– There is no timeline on when Ripple will obtain regulatory clarity or when it will be relisted on the Coinbase platform.

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