Coinbase says it’s now executing an airdrop of the long-awaited crypto asset Flare (FLR) to applicable users.
Flare Network, with its native FLR token, aims to essentially bring smart contract functionality to various blockchain networks, starting with XRP and then Litecoin (LTC).
Coinbase will deliver the FLR airdrop to users who held XRP on the exchange on December 12th, 2020, which is the day that Flare took its blockchain snapshot.
The leading US crypto exchange says outbound transfers of FLR will be disabled until the airdrop is complete and the coin has sufficient liquidity on the exchange.
“As previously stated, Coinbase will be honoring our prior commitment to support the Flare (FLR) token airdrop for eligible users…
Once sufficient supply of this asset is established and our airdrop distribution is complete, we will announce the impending launch of trading on our FLR-USD pair in phases.”
Coinbase will list FLR with its experimental label, which is assigned to altcoins that may have higher volatility and lower trading volume compared to more established and mainstream digital assets.
Coinbase suspended all trading of XRP back on January 19th, 2021 after the U.S. Securities and Exchange Commission sued the payments company Ripple for allegedly selling XRP as an unregistered security.
Flare, along with several crypto exchanges, officially began distributing the FLR airdrop on March 17th of this year.
The coin is trading at $0.034 at time of publishing, down 4.71% in the last 24 hours, with a market cap of $433.5 million.
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