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Coinbase has finally listed the Flare (FLR) token and started distributing the FLR airdrop to XRP holders, as promised in December 2022.
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XRP supporters are calling for Coinbase to relist XRP, given the close relationship between Flare and XRP, but Coinbase has yet to make any firm commitments regarding XRP.
Coinbase, the American cryptocurrency exchange, has finally listed the Flare (FLR) token following persistent calls from XRP supporters. The move has elicited further calls for the exchange to relist XRP, given the close relationship between Flare and XRP.
In a tweet, Coinbase confirmed that it would support FLR on the Flare Network and that users could only make deposits through this network. The exchange has also started distributing the FLR airdrop to XRP holders, as promised in December 2022.
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
Distribution and Trading of FLR
The airdrop will be distributed to wallets that held XRP tokens during the snapshot on December 12, 2020. While withdrawals are suspended during the distribution, trading for FLR will begin once the exchange confirms sufficient liquidity.
After the distribution, Coinbase will announce the FLR/USD trading launch. The close relationship between FLR and XRP has intensified calls for Coinbase to relist XRP, given Flare’s origins on the XRP Ledger.
The Future of XRP on Coinbase
While Coinbase’s Chief Legal Officer, Paul Grewal, agreed with Ripple’s position on what constitutes an investment contract, the exchange will not immediately resume support for XRP even if the court rules in Ripple’s favor.
Grewal explained that Coinbase would need to carry out its own due diligence to ensure the ruling would not be overturned before resuming support for XRP. However, given the persistent calls from XRP proponents and Flare’s close relationship with XRP, the relisting of XRP on Coinbase may become more likely in the future.
While the exchange has yet to make any firm commitments regarding XRP, the question remains: should Coinbase relist XRP, and what implications could this have for the cryptocurrency market?