Key Takeaways
- Coinbase reverses stance, confirming support for the Spark token airdrop to XRP holders.
- Snapshot date: Eligibility determined by XRP balances held on Coinbase/Coinbase Pro at 00:00 AM UTC on December 12, 2020.
- Regulatory caveats: Distribution depends on jurisdictional approvals; not all users may qualify.
- Participating exchanges: Kraken, Binance, Bitfinex, and others also support the airdrop.
Detailed Overview
Background: The Flare Network Airdrop
Last week, Flare Network—the entity distributing Spark tokens ($FLR) to XRP holders—expressed doubts about Coinbase’s ability to meet technical deadlines. The exchange had remained largely unresponsive despite holding billions in customer XRP.
However, in a sudden turnaround, Coinbase announced its participation on December 6, 2020. The exchange clarified:
"Eligible customers holding XRP during the December 12 snapshot will receive Spark tokens post-Flare Network launch."
👉 Learn how to claim your Spark tokens
Eligibility and Distribution
Snapshot Requirement:
- Users must hold XRP in Coinbase/Coinbase Pro accounts at the specified snapshot time.
- Tokens will be distributed after the Flare Network goes live.
Regulatory Limitations:
- Coinbase emphasized that asset support requires compliance reviews and jurisdictional approvals.
- Example: Users in unsupported regions may not receive Spark tokens, even if their exchange participates.
Participating Exchanges
The following platforms also support the airdrop:
- Kraken
- Binance
- Bitfinex
- Bithumb
- Huobi
- OKEx
👉 Compare exchange features for airdrops
FAQs
1. What is the Spark token airdrop?
An initiative by Flare Network to distribute free Spark tokens ($FLR) to XRP holders at a 1:1 ratio based on snapshot balances.
2. How do I qualify on Coinbase?
Hold XRP in your Coinbase/Coinbase Pro account during the December 12, 2020 snapshot.
3. Will all Coinbase users receive Spark tokens?
No. Distribution depends on regulatory approvals per jurisdiction.
4. When will tokens be distributed?
After Flare Network’s official launch (date unspecified).
5. Are Spark tokens guaranteed to have value?
No. Their market value will depend on adoption and demand post-launch.
Final Notes
While Coinbase’s participation marks a win for XRP holders, regulatory hurdles could limit accessibility. Users should verify eligibility with their exchange and monitor updates from Flare Network.
For the latest on crypto airdrops, stay tuned to trusted sources.