Coinbase Will Support XRP Airdrop That Will Give All Users Free Crypto

Coinbase will support the XRP airdrop that will give all holders free crypto if the exchange decides to list the token. Over the last week, the company issuing the airdrop said that the exchange was too late to join but what will happen next remains to be seen. Let’s find out some more in the latest XRP news.

Last week, Flare network which is the company that will issue all XRP holders with the equivalent amount of Spark tokens, said that Coinbase was too late to let their users participate in the airdrop. However, Coinbase announced earlier today that it had turned things around. Coinbase will support the airdrop according to the recent announcement on the platform’s blog:

 “If you are an eligible customer holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of December 12, 2020, 00:00 AM UTC, you’ll receive Spark tokens from Coinbase at a later date after the Flare network launch.”

Coinbase will support @FlareNetworks’ Spark airdrop. Customers in approved jurisdictions who hold XRP in their accounts on the snapshot date of Dec. 12 will qualify to receive Spark tokens. We plan to distribute the airdrop after the Flare network launch. https://t.co/jEYKH1n4XB

— Coinbase (@coinbase) December 6, 2020

All of the exchange customers will face one more hurdle that will prevent the traders of their chance of receiving the airdrop which is: regulation. Coinbase is a San Francisco based exchange and the regulators decide which coins can be listed there or now. So even if the exchange supports the airdrop, certain customers will not be eligible to receive them:

 “Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee when or if Spark will be available for distribution in any specific jurisdiction at this time.”

Which jurisdictions will support the airdrop, we don’t know yet but we will wait for an update and will get right back at you. As reported recently, One trader claims XRP will break through the $1.00 level as the airdrop hype enhanced and the coin was caught in a tight consolidation pattern over the past few days. There was also a parabolic rally slowing down as the Bulls tried to break above the upper $0.60 résistance level.

@coinbase has barely engaged with #Flare. They hold about 3 Bn of YOUR #XRP. It is likely too late for them to do the work to support the Spark $FLR distribution at this point.

— Flare (@FlareNetworks) November 28, 2020

Flare Networks previously said that anyone who holds XRP coins will receive free spark tokens with a 1:1 ratio. Airdrops are similar to giveaways as they work in a way for developers to create a buzz around certain crypto projects. Wallets and crypto exchanges need to support the airdrop for their customers in order to receive free tokens. If a wallet or exchange doesn’t support it, anyone that holds XRP will not receive any free spark tokens.