It's "Likely Too Late" for Coinbase to Give XRP Holders Free Crypto

In under two weeks, anyone holding XRP on major exchanges and wallets will receive free Spark tokens. But Coinbase is “likely too late” to accommodate it, according to Flare Networks.

3 min read

Nov 29, 2020

In under two weeks, anyone holding XRP on major exchanges and wallets will receive free Spark tokens.

That is, apart from HODLers on crypto exchange Coinbase, which hasn’t signed up for the airdrop, and is “likely too late” to accommodate it, according to Flare Networks.

Flare Networks, a Ripple-funded blockchain network, announced on November 13 that an airdrop, the Spark Airdrop Program for XRP holders, will take place on December 12. Anyone holding XRP holders will receive free tokens at a 1:1 ratio.

Airdrops are like crypto giveaways, usually a way for developers to create buzz around some crypto project.

Wallets and crypto exchanges must support the airdrop for their customers to receive free tokens. If a wallet or exchange doesn’t support the airdrop, anyone holding XRP won’t receive any free Spark tokens.

Flare Networks wanted all major crypto exchanges to support the airdrop (it even nudged them on twitter on November 24):

But yesterday, Flare said that crypto exchange Coinbase has “barely engaged with Flare Networks.”

Flare tweeted a warning to Coinbase users that they may miss out on the airdrop given that little time left for Coinbase to prepare for it.

Decrypt has reached out to Coinbase and will update this piece with any response.

Kraken is another major crypto exchange that has not joined in on the airdrop.

But other major crypto exchanges, such as Binance (but not Binance US), reiterated their readiness for the Flare snapshot on the XRP ledger.

So, what happens to Coinbase users? They’ll miss out on the airdrop, and that’s that.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Bitcoin ETFs Take in $1 Billion as BTC Price Nears $100,000

Bitcoin exchange-traded funds (ETFs) recorded near-record inflows yesterday of over $1 billion, as Bitcoin's price neared the $100,000 milestone for the first time amid volatile trading conditions. The huge inflows come after options trading on BlackRock’s spot Bitcoin ETF kicked off on November 19, following the Securities and Exchange Commission's (SEC) approval of the listing of options for spot Bitcoin ETFs last month. Blackrock’s iShares Bitcoin Trust (IBIT) attracted the largest inflows o...

Apple Admits to Security Vulnerability That Leaves Crypto Users Exposed—Here's What You Should Do

Apple confirmed Monday its devices were left vulnerable to an exploit that allowed for remote malicious code execution through web-based JavaScript, opening up an attack vector that could have part unsuspecting victims from their crypto. According to a recent Apple security disclosure, users must use the latest versions of its JavaScriptCore and WebKit software to patch the vulnerability. The bug, discovered by researchers at Google's threat analysis group, allows for “processing maliciously cr...

Solana Hits All-Time High Price Two Years After FTX Nearly Sent It to Zero

After three long years, Solana (SOL) has finally broken its all-time high price record, setting a new milestone above $260 on Thursday. Solana rose above the previous $260 record mark early Thursday afternoon, per data from Coinbase, continuing the asset's recent hot streak following the U.S. presidential election win of crypto candidate Donald Trump earlier this month. The jump also came following word that Gary Gensler, the SEC Chairman who led the regulator's crypto industry crackdown, will r...

News

Courses

Deep Dives

Coins

Videos