Coinbase Completes Airdrop Distribution of Flare (FLR) Tokens

04/16/2023 06:25 • Tech Ticker • 138 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

On April 16th, Coinbase Asset announced on social media that they have completed the airdrop distribution of Flare (FLR) tokens to eligible users. The airdrop was based on the XRP balance held by Coinbase users on December 12, 2020, including Coinbase Exchange and Coinbase Pro accounts. This comes at a time when XRP transactions are still suspended on the Coinbase platform due to a lawsuit ruling with the US Securities and Exchange Commission.

What is Flare (FLR) Token Airdrop?

An airdrop is a distribution of free cryptocurrency tokens to eligible users based on specific criteria. In the case of Flare (FLR) token airdrop, Coinbase distributed over 601 million tokens to eligible users based on their XRP balance held on December 12, 2020. Flare (FLR) is a new blockchain protocol that integrates the Ethereum Virtual Machine (EVM), enabling smart contracts to be deployed on various networks. It is designed to provide a secure, decentralized platform for online data storage, decentralized applications, and decentralized finance.

Coinbase Suspends XRP Transactions

In December, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc, alleging that they conducted an unregistered securities offering of XRP, which is Ripple’s native cryptocurrency. Since then, major cryptocurrency exchanges, including Coinbase, suspended XRP transactions. Despite the recent completion of the Flare (FLR) airdrop, Coinbase has not yet announced when they will allow XRP trading on their platform.

Regulatory Clarity Needed

In a recent blog post, Coinbase Chief Legal Officer Paul Grewal stated that Ripple can only relist on the platform after obtaining regulatory clarity. This means that Ripple must resolve the ongoing lawsuit with the SEC and clarify the legal status of XRP. Until this happens, Coinbase and other exchanges will likely continue to suspend XRP trading.

FAQs:

Is Flare (FLR) token worth investing in?

As with any investment, it is important to do your research before investing in any cryptocurrency. Flare (FLR) is a relatively new blockchain protocol and is currently being integrated with various networks. It’s essential to understand the technology behind the protocol and evaluate its potential before investing.

When will XRP trading resume on Coinbase?

Coinbase has not yet announced when they will allow XRP trading on their platform. It is likely that XRP trading will resume only after Ripple resolves its ongoing lawsuit with the SEC and regulatory clarity is obtained.

What is XRP?

XRP is a native cryptocurrency of Ripple that is designed to enable fast and secure cross-border payments. Despite its popularity, XRP is currently facing regulatory challenges due to an ongoing lawsuit with the SEC.

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