Coinbase, a Nasdaq-listed cryptocurrency exchange, has announced the listing of Flare ($FLR), in a highly anticipated move that follows the exchange’s announcement that it is honoring its commitment to support the FLR token airdrop for users who held $XRP at the time of the snapshot, which was on December 12, 2020.
Coinbase said on Twitter that it will support FLR coins on the Flare Network, but warned customers not to deposit them on any other network or their cash will be lost. According to the top exchange, trading in FLR will commence “if and when liquidity conditions are met and after our airdrop distribution is complete.” The cryptocurrency has been introduced to Coinbase under the Experimental label, which is intended to identify tokens that are new to the exchange or have “relatively low trading volume compared to our broader crypto marketplace.”
The Flare airdrop has already begun to be distributed to XRP holders who owned XRP on the exchange at the time of the snapshot. FLR is distributed in a 1:1 ratio by airdrop. The Flare network is a blockchain that adds intelligent contract functionality to XRP and other crypto assets that do not yet have them, however, it does so via a different blockchain than the XRP Ledger.
Spark tokens will be used for governance on the Flare network via voting mechanisms. Token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol designed to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.” Notably, Coinbase was one of the cryptocurrency exchanges delisted $XRP when the SEC sued Ripple and two of its officials, saying that they traded unregistered securities when they released $1.3 billion in XRP coins. Ripple claims that XRP is not a security.