XRP's Utility Fork Flare Now Supported by Major South African Exchange

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Sun, 09/13/2020 - 11:37
Alex Dovbnya
AltCoinTrader announces support for the distribution of Flare's Spark token
XRP's Utility Fork Flare Now Supported by Major South African Exchange
Cover image via stock.adobe.com
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The distribution of Flare’s Spark (FXRP) token will get supported by South African cryptocurrency exchange AltCoinTrader, according to a Sept. 12 Twitter announcement.

The exchange will pass on Spark tokens to all of its clients that hold XRP.

More exchanges to add support for Flare 

Flare is a utility fork of XRP that will make it possible to execute smart contracts with the fourth-largest cryptocurrency on the Ethereum blockchain by integrating the Ethereum Virtual Machine (EVM).

It aims to build a two-way bridge between the two ecosystems, bringing XRP’s scalability to a plethora of applications built on top of the Ethereum network.

Spark tokens will be distributed to all XRP holders who have taken the necessary steps to claim them after the snapshot of their accounts that is scheduled to take place on Dec. 12.   

As reported by U.Today, Bitrue and Uphold became some of the first exchange to support the airdrop. Bitstamp and some other exchanges are currently in the stage of exploration.

Ledger Nano users can claim the token with the help of XRP Toolkit.

Xflare
image by xrpchat.com

In a recent interview, Flare CEO Hugo Philion revealed that they were in talks with other financial service providers who are yet to announce their support for the token.

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Little regulatory clarity in South Africa

AltCoinTrader is currently engulfed in a legal battle with major South African bank Absa Group Limited after the latter allegedly forced fintech company Zapper to terminate its relationships with the exchange.

Together with Luno, which was recently acquired by Barry Silbert’s Digital Currency Group, it is one of the largest exchanges in South Africa.

Although cryptocurrency is not banned in South Africa, its government is yet to introduce comprehensive regulations for the sector.

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.