In less than two weeks, anyone holding XRP on exchanges will receive free Spark tokens but Flare thinks that Coinbase is too late to join. Flare Network said that Coinbase is a “likely too late” to accommodate this airdrop but why is that the case? Let’s find out in today’s Coinbase news.
If a wallet or exchange doesn’t support the airdrop, users holding XRP will not receive any free SPARK tokens. The plan was for anyone in less than two weeks, that holds XRP on major exchanges or wallets, to receive free spark tokens. This was meant for all apart from the Coinbase users since the exchange hasn’t signed up for the airdrop and is now too late to accommodate it according to Flare Network.
We are still waiting on @coinbase @binance @BittrexExchange @krakenfx @bitfinex
to announce their position on the Spark distribution. #XRP holders at these exchanges that want Spark will need to move to another exchange or self custody if these don’t announce soon.
— Flare (@FlareNetworks) November 24, 2020
Flare Network is a ripple-based blockchain which announced an airdrop on November 13 with the Spark Airdrop Program for all XRP holders that should take place on December 12. Anyone that 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.
@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 network wanted all bigger crypto exchanges to support the airdrop but they said that coinbase didn’t engage with Flare Network at all. Flare tweeted a warning to Coinbase users that they will likely miss out on the airdrop given the little time left for the exchange to prepare for it. Kraken as well didn’t join on the airdrop but other major crypto exchanges like Binance reiterated. To the question of what will Coinbase users do, well, they will miss out on the airdrop and that’s about it.
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— Kraken Exchange (@krakenfx) November 28, 2020
Speaking of Coinbase, Coinbase Pro, a US Exchange for professional crypto trading will no longer offer margin trading as of late. Citing guidance from the Commodity Futures Trading Commission the exchange said there will no longer be margin trades starting at 5 pm on November 25 by adding that the product “will be taken offline in December once all existing margin positions have expired.”
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