Coinbase Adds Support for Flare (FLR) on the Flare Network and Offers Airdrops for Eligible Users

According to reports, Coinbase will add support for Flare (FLR) on the Flare network and will support Flare (FLR) airdrops for eligible users. Users holding XRP, Coinbase from approved jurisdictions, and Coinbase Exch on December 12, 2020 at 00:00 UTC will be eligible for FLR airdrops.

Coinbase launched Flare (FLR)

Coinbase is one of the largest cryptocurrency exchange platforms in the world, with over 35 million users globally. In recent reports, Coinbase has announced its plans to add support for Flare (FLR) on the Flare network and provide airdrops for eligible users. This move is expected to be a significant step for both Coinbase and Flare Network enthusiasts.

What is Flare Network?

Flare Network is a new blockchain platform that aims to bring smart contract functionality to digital assets that are not typically supported on blockchain platforms. It uses a unique protocol called the FBA (Federated Byzantine Agreement) to provide high scalability and low transaction costs. It is built on the XRP ledger, making it an ideal option for XRP holders who want to expand their digital asset portfolio.

What is Flare (FLR)?

Flare (FLR) is the native token of the Flare Network, and it will serve as the primary currency used for powering smart contracts. It will also be used for settling transaction fees, unlocking access to smart contract functionality, and as collateral for trustless loan collateralization. The token is expected to have considerable value, and its addition to Coinbase is expected to create significant buzz among the cryptocurrency community.

How Will Coinbase Add Support for Flare (FLR)?

According to Coinbase, users holding XRP, Coinbase from approved jurisdictions, and Coinbase Exch on December 12, 2020, at 00:00 UTC, will be eligible for FLR airdrops. This addition highlights Coinbase’s intention to support new blockchain-based assets and demonstrates its commitment to meeting the ever-changing needs of its users.

Benefits of Coinbase Adding Support for Flare (FLR)

Coinbase adding support for Flare (FLR) will provide a host of benefits to Coinbase users. It will allow XRP holders to expand their digital asset portfolios and benefit from the unique protocol of Flare Network. Additionally, the integration of Flare Network into Coinbase will bring additional liquidity into the market, allowing traders to benefit from increased market depth and stability.

How to Prepare for Flare (FLR) Airdrops on Coinbase

To prepare for the FLR airdrops on Coinbase, users should ensure they are holding XRP on Coinbase or Coinbase Exch and are situated in approved jurisdictions. They should also ensure that they have provided all necessary identity verification and have a functional Coinbase account. This way, users can ensure that they receive their FLR airdrops without any complications.

Conclusion

The addition of Flare (FLR) to Coinbase underscores the company’s commitment to innovation and expanding its users’ digital asset portfolios. The move highlights the increasing demand for blockchain-based assets and smart contract platforms, and the company’s desire to remain at the forefront of the cryptocurrency market. As the cryptocurrency market continues to evolve, Coinbase will undoubtedly continue to lead the way in providing cutting-edge support for groundbreaking digital assets.

FAQs

**Q1. What is Coinbase?**
Coinbase is a cryptocurrency trading platform that allows users to buy, sell, and trade various digital assets.
**Q2. What is an airdrop?**
An airdrop is a distribution of cryptocurrency tokens or coins to users’ wallets for free.
**Q3. How can I be eligible for FLR airdrops on Coinbase?**
Users holding XRP, Coinbase from approved jurisdictions, and Coinbase Exch on December 12, 2020, at 00:00 UTC, will be eligible for FLR airdrops. Make sure you have provided all necessary identity verification and have a functional Coinbase account.