Coinbase has announced that it is currently carrying out an airdrop of the eagerly anticipated cryptocurrency asset Flare (FLR) to users who are eligible to receive it.
With the use of its own FLR currency, the Flare Network intends to provide smart contract capabilities across a number of different blockchain networks. It will begin with Litecoin (LTC), and then move on to Ripple (XRP).
Users of Coinbase who held XRP on the exchange on December 12, 2020, the day that Flare took its blockchain snapshot, will be eligible to receive the FLR airdrop that Coinbase is planning to distribute. The most prominent cryptocurrency exchange in the United States has said that it will stop allowing outbound transfers of FLR until the airdrop is finished and the coin has sufficient liquidity on the market.
“As was indicated previously, Coinbase will be upholding our existing pledge to support the Flare (FLR) coin airdrop for individuals who are eligible… After a significant supply of this asset has been established, and after the distribution of our airdrops has been completed, we will announce the imminent beginning of trading on our FLR-USD pair in phases.
FLR will be listed on Coinbase with the experimental designation, which is given to alternative cryptocurrencies that may have more volatility and lower trading volume in comparison to more established and mainstream digital assets. After the United States Securities and Exchange Commission (SEC) filed a lawsuit against the payments business Ripple for allegedly offering XRP as an unregistered security, Coinbase immediately stopped all trading of XRP on January 19, 2021.
On March 17 of this year, Flare, along with numerous other cryptocurrency exchanges, started the official distribution of FLR as part of an airdrop. At the time of writing, the price of the coin was $0.034, representing a loss of 4.71% over the previous twenty-four hours, and it had a market size of $433.5 million.