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The exchange also noted that it will start distributing the Flare airdrop to previous XRP holders on its platform, as promised last December.
Coinbase has finally listed the Flare (FLR) token following months of persistent calls from the XRP army. The latest development has elicited further agitation for the exchange to relist XRP, given Flare’s close relationship with the XRP ecosystem.
In a tweet today, Coinbase disclosed that it would only support FLR on the Flare Network. According to the tweet, the American exchange has already enabled deposits for FLR to its platform in regions where trading for the asset is supported.
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
Users are expected to make deposits to their wallets through the Flare Network. The use of any other network will result in loss of funds. As part of the announcement, Coinbase also revealed that it will begin distributing the FLR airdrop today.
The exchange promised in December 2022 that it would support the airdrop, but failed to do so in January when the broader distribution began, as it had not listed FLR at the time. The airdrop will be distributed to wallets holding XRP tokens during the snapshot on December 12, 2020. Coinbase had not suspended support for XRP then.
The airdrop is expected to begin today, with withdrawals suspended during the process. Moreover, trading for FLR will begin once the exchange confirms that there is enough liquidity. After the distribution and the confirmation of viable liquidity, Coinbase will put up announcements for the launch of FLR/USD trading.
Is XRP Next?
The recent move follows several calls made by XRP proponents who have persistently requested that Coinbase list FLR and distribute the airdrop. It bears mentioning that the Flare project initially began on the XRP Ledger but gradually made a transition to its layer-1 blockchain, the Flare Network.
Given the close relationship between FLR and XRP, proponents have intensified their agitation to see XRP relisted on Coinbase. Recall that Paul Grewal, Coinbase’s Chief Legal Officer, disclosed last week that Coinbase agrees with Ripple’s position on what constitutes an investment contract.
However, Grewal noted last month that, even if the court rules in Ripple’s favor, Coinbase would not immediately resume support for XRP, as it would need to carry out its own due diligence to ascertain that the ruling will not be overturned.