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XRP Holders Will Soon Be Able to Trade Spark (FLR) Token


u.today 29 December 2020 18:00, UTC
Reading time: ~2 m

Digital asset manager Bitrue has just announced that Spark (FLR), the native token of Flare Networks, will become available for trading starting from Jan. 6.

Initially, there will only be one trading pair with FLR, in which XRP is the base currency.

Following the much-anticipated snapshotwhich took place on Dec. 12XRP holders will now have to wait until all of the tokens are distributed to their wallets.

Bitrue claims that the initial distribution of FLR tokens will take place on Dec. 30.

A new ecosystem for XRP

Flare Networks is a smart contract utility fork of the XRP cryptocurrency that is aiming to bridge the token with the Ethereum ecosystem.

Despite being funded by Ripple's former investment arm, Xpring, the project has maintained its independence from the blockchain company. Earlier this month, Ripple CEO Brad Garlinghouse claimed in a CNN interview that his company has no sway in conversations with exchanges.

Following the SEC lawsuit against Ripple, Block Digital cofounder Santiago Velez claimed that Flare could build an "entire new class of applications" for XRP, thus reducing counterparty risks associated with the San Francisco-based decacorn.

This is why the counterparty risk w/ Ripple is high, the community has become dependent on their efforts instead of building. W/ @FlareNetworks we can see an entirely new class of applications to lower dependency. If you want XRP to be valuable, time to get to work folks! Build.

Currently, the team is beta testing its first DeFi project, Flare Finance, which has already registered over 1,000 participants.

Exchanges are dropping XRP

Bitrue, one of the most XRP-friendly exchanges, will soon launch another trading pair with the controversial cryptocurrency while other exchanges are jumping ship.

As reported by U.Today, Bitstamp is going to suspend XRP trading for U.S. users next month. According to prediction market Polymarket, the vast majority expects Coinbase to follow suit.

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