Categories: Exchange

Coinbase begins FLR token airdrop in approved jurisdictions

Coinbase begins FLR token airdrop in approved jurisdictions

Coinbase recently announced Flare token airdrop distribution across every approved jurisdiction. All the eligible Coinbase users with simple and advanced trades can access the airdrop.

The network released an official tweet to inform the users about the airdrop. The entire processing will be completed in the next 72 hours. In the meantime, FLR outbound transfers will be unavailable to users. All the earned funds will be distributed to the Coinbase user account.

Formerly known as Spark, the token was initially introduced to customers who held XRP (Ripple) in their accounts before December 12, 2020. The network is now honoring its commitment by offering support for the token.

Given how popular XRP was at that time, thousands of users have FLR tokens in their accounts. Most of them looked for reviews on Coinbase to understand how the network planned to continue the support.

The reviews explained that only select users would remain eligible for the token airdrop. To be eligible, users must have owned an XRP balance on Coinbase Exchange, Coinbase Pro, or Coinbase.com as of December 12, 2020. 

In addition, users from Japan or New York are ineligible for the Flare token airdrop. Moreover, the XRP transactions that remained pending on December 12 will not qualify for the airdrop. After the airdrop is distributed, users can access the FLR balance in the My Assets section.

The airdrop amount will be based on the XRP balance users had on Coinbase. The distribution rate has been set at 1.0073 FLR per 1 XRP x 0.15 (15% of the supply available to the community). 

Coinbase is not charging any fees for the airdrop, and users can trade their FLR after the distribution is wrapped up. Even if users’ accounts have been deactivated, they can either create a new one or reach the Coinbase support team to access the airdrop.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.