XRP Fork Flare Could Gain Support From One of World's Biggest Exchanges

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Fri, 11/13/2020 - 19:20
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Alex Dovbnya
Bitstamp could become the first A-list exchange to support XRP's utility fork Flare
XRP Fork Flare Could Gain Support From One of World's Biggest Exchanges
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Bitstamp, one of the world’s largest and longest-standing exchanges, is currently mulling over adding support for Flare, according to its Nov. 13 blog post:

“To address questions about Bitstamp’s course of action regarding the Flare Network’s Spark airdrop, we would like to let our customers know that we are in the process of assessing support for the upcoming fork.”   

Presently, Bitstamp is working on performing due diligence on the airdrop of Flare’s native Spark (FXRP) token.      

A-list exchanges remain on the fence 

Flare Networks is an Avalanche-based blockchain network whose development was funded by Ripple’s Xpring.

By integrating the Ethereum Virtual Machine (EVM), it will allow executing smart contracts on the XRP Ledger and potentially other non-Turing-complete blockchains such as Litecoin.    

Its utility fork of the XRP cryptocurrency has already gained support from multiple notable exchanges that include Bitrue and Uphold.  

As reported by U.Today, and, in the long run, the biggest digital asset exchange in east-central Europe, confirmed that it would get on board last week.

Bitstamp isn’t the first A-list crypto exchange that is considering listing Flare. Binance and Kraken have been in talks with Flare networks regarding the distribution of the Spark token since September. 

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The snapshot date is nigh 

The airdrop of the Spark token is slated to take place on Dec. 12 at 00:00 GMT, which is less than a month from now. 

Those XRP holders whose exchange doesn’t support Flare will have to move their holdings to self-custody in order to claim Spark tokens until the aforementioned snapshot date. One is required to set his or her message key to claim tokens until June 11, 2021.     

Alternatively, they can also send XRP to any supporting exchanges before the airdrop takes place.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.