Coinbase Completes Airdrop Distribution of Flare (FLR) Tokens

04/16/2023 06:25 • Digital Disruptors • 127 views

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

Coinbase Asset recently took to social media to announce the completion of the airdrop distribution of Flare (FLR) tokens. Eligible Coinbase users have received over 601 million Flare (FLR) tokens. This airdrop was based on the XRP balance held by Coinbase users on December 12, 2020, including Coinbase Exchange and Coinbase Pro accounts. It’s important to note that XRP transactions on the Coinbase platform are still suspended at this time.

An Overview of the Flare (FLR) Airdrop

Flare Networks is a distributed network that aims to provide access to smart contracts for various cryptocurrencies. According to their website, the Flare network “integrates the Ethereum Virtual Machine and is fully Turing complete on an EVM smart contract level.” The Flare network plans to offer its native token, Spark (FLR), as a utility token for the network.
In December 2020, Coinbase announced that eligible users would receive an airdrop of Spark tokens based on their XRP holdings on December 12, 2020. The airdrop was intended to provide a smooth transition for XRP users who were affected by the decision to suspend XRP transactions on Coinbase.
In April 2021, Coinbase completed the airdrop distribution of Flare (FLR) tokens to eligible users. The distribution was based on the XRP balance held by Coinbase users on December 12, 2020, which included Coinbase Exchange and Coinbase Pro accounts.

Current Status of XRP Transactions on Coinbase

As of the time of this writing, XRP transactions on the Coinbase platform are still suspended. This is due to the ongoing securities lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
Coinbase Chief Legal Officer Paul Grewal has previously stated that Ripple can only relist on the platform after obtaining regulatory clarity after a lawsuit ruling with the SEC. Despite this, Coinbase has continued to support XRP holders by providing access to the Flare (FLR) airdrop.

FAQs

1. What is Flare (FLR)?

Flare Networks is a distributed network that provides access to smart contracts for various cryptocurrencies. Flare’s native token, Spark (FLR), will operate as a utility token for the network.

2. How do I receive Flare (FLR) tokens from Coinbase?

Eligible Coinbase users received Flare (FLR) tokens based on their XRP holdings on December 12, 2020. The airdrop distribution has been completed, and eligible users should see Flare (FLR) tokens in their account.

3. When will XRP transactions be available on Coinbase again?

XRP transactions on Coinbase are currently suspended due to the ongoing lawsuit with the SEC. Coinbase Chief Legal Officer Paul Grewal has stated that Ripple can only relist on the platform after obtaining regulatory clarity after a lawsuit ruling with the SEC.

Conclusion

In conclusion, Coinbase has completed the airdrop distribution of Flare (FLR) tokens to eligible users. This airdrop was based on the XRP balance held by Coinbase users on December 12, 2020, including Coinbase Exchange and Coinbase Pro accounts. It is important to note that XRP transactions on the Coinbase platform are still suspended at this time due to the ongoing securities lawsuit between Ripple and the SEC. Despite this, Coinbase has continued to support XRP holders by providing access to the Flare (FLR) airdrop.

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