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

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.

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.