cryptoglobe.com
Nasdaq-listed cryptocurrency exchange Coinbase has announced it is listing Flare ($FLR) in a highly anticipated move that comes after the exchange revealed it’s honoring its commitment to support the FLR token airdrop for users who held $XRP at the time of the snapshot, which was back on December 12, 2020.
On the microblogging platform Twitter, Coinbase announced that it will support FLR tokens on the Flare Network, and cautioned users to not deposit them via any other network or their funds will be lost.
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
The leading exchange noted that trading in FLR is expected to begin “if and when liquidity conditions are met and after our airdrop distribution is complete.” The cryptocurrency is being added to Coinbase with the platform’s Experimental label, used to mark tokens that are new to the exchange or have “relatively low trading volume compared to our broader crypto marketplace.”
Coinbase has already started distributing the Flare airdrop to XRP holders who had XRP on the exchange at the time of the snapshot. The airdrop distributes FLR at a 1:1 ratio.
Once sufficient supply of this asset is established and our airdrop distribution is complete, we will announce the impending launch of trading on our FLR-USD pair in phases.
— Coinbase Assets (@CoinbaseAssets) April 11, 2023
Flare network is a blockchain bringing smart contract functionalities to XRP and other cryptoassets that do not yet have them, although it’s bringing these in through a separate blockchain than the XRP Ledger.
Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”
Notably, Coinbase was one of the cryptocurrency exchanges that delisted $XRP after the U.S. Securities and Exchange Commission (SEC) sued Ripple and two of its executives alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
Last year Coinbase said its self-custody crypto wallet app Coinbase Wallet would be dropping support for four major cryptoassets, including XRP, from January 2023 over “low usage.”
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