It’s “Likely Too Late” for Coinbase to Give XRP Holders Free Crypto

In the letter

  • In less than two weeks, anyone holding XRP on major exchanges and wallets will receive free Spark tokens.
  • However, according to Flare Networks, Coinbase is “probably too late” to absorb this drop of air.
  • If a wallet or exchange doesn’t support the Airdrop, anyone who owns XRP won’t receive free Spark tokens.

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

That said, apart from HODLers at Crypto Exchange Coinbase who have not signed up for the Airdrop and are “probably too late” to take it, according to to Flare Networks.

Flare Networks, a blockchain network funded by Ripple, announced on Nov. 13 that an Airdrop, the Spark Airdrop program for XRP holders, will take place on December 12th. Everyone who holds XRP holders will receive free tokens in a 1: 1 ratio.

Airdrops are like crypto giveaways, usually a way for developers to get a crypto project going.

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

Flare Networks wanted all of the major crypto exchanges to support the Airdrop (it even nudged them on Twitter on November 24th):

But yesterday Flare said that crypto exchange Coinbase has “barely dealt with flare networks”.

Flare has sent Coinbase users a warning that they may miss the airdrop as Coinbase has little time to prepare for it.

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

Kraken is another major crypto exchange that hasn’t joined the Air Drop.

However, other major crypto exchanges like Binance (but not Binance US) reiterated their readiness for the flare snapshot in the XRP ledger.

What happens to Coinbase users? You’re going to miss the drop of air, and that’s it.

Disclaimer of liability

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