Over 3 Billion XRP Held on Coinbase Exchange to Miss Out On Flare Network’s Spark Airdrop

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  • Ripple is ready to airdrop a new token to all XRP holders on major cryptocurrency exchanges.
  • Coinbase and Binance.US users will miss the airdrop as the exchanges do not support the token.

Flare Networks, a Ripple funded blockchain firm, will airdrop free Spark tokens (FLR) to anyone holding XRP in supporting wallets and exchanges on December 13. However, with over 3 billion XRP tokens held on California based crypto exchange, Coinbase is likely to miss out on the airdrop, Flare Networks, the firm conducting the Spark token airdrop, confirmed.

According to a tweet sent out over the weekend, Flare Networks claimed that the exchange “is likely too late” to participate in the airdrop.

On November 13, Flare Networks launched the airdrop campaign promising users holding XRP free Spark tokens at a ratio of 1:1. Every XRP holder on supported wallets and exchanges as of Dec 12 00.00 GMT (when the snapshot will take place) will be eligible to receive the free tokens.

The XRP Army is enraged with Coinbase and several top crypto exchanges that have yet to announce any plans to support the airdrop. According to Flare Networks, any XRP user on exchanges and wallets not supporting the airdrop will not receive the Spark tokens.

In a message targeting these crypto exchanges, Flare Networks reminded most of the exchanges to announce their position on Spark token distribution on November 24. Binance (except Binance US), Bittrex, and Bitfinex have since replied in support of the Spark token distribution, which will allow XRP users on their platform to enjoy the airdrop.

Coinbase has yet to respond to the distribution despite holding over 3 billion XRP tokens (approx. $1.87 billion) in its wallets. Kraken exchange responded, stating they “do not have plans to support this airdrop/fork.”

Users who hold their XRP in non-supporting exchange wallets and wish to participate in the airdrop need to move their tokens to another supportive exchange.

If you don’t move your tokens from unsupportive exchanges, you are bound to lose the rewards with Flare Networks planning to redistribute the remaining tokens to the eligible XRP holders.

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