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Ripple partner SBI and eToro evaluate airdropping Spark tokens

  • Ripple’s partner SBI considers supporting the XRPL “utility fork” by Flare Networks and airdropping Spark tokens via the exchange SBI VC Trade.
  • eToro, is currently also investigating the support for the airdrop.

The “Spark”airdrop of the Flare Networks planned for December 12th this year has caused quite a hype. As reported by CNF on September 2nd, more than 15 thousand accounts with 900 million XRP have already taken the necessary steps to be eligible to participate in the airdrop. However, registration is currently only possible via a tool from XRP Lab’s founder Wietse Wind for XUMM and the XRPToolkit. Therefore, it will be important that also exchanges support the airdrop, so that a broad mass can profit from it.

In that sense SBI VC Trade has commented today that it is evaluating how to handle the event. The exchange is part of the SBI Group, one of Ripple‘s largest partners in Asia. It is therefore quite feasible tit could support the airdrop. Via Twitter SBI VC Trade wrote:

Regarding the awarding of the Spark token to XRP holders by Flare Networks, we are currently considering how to handle it. We are confirming and discussing the facts and investigating the status of the response at each location in question, and will report back to you.

Exchanges show support for Ripple backed project

Earlier this week, the crypto exchange Bitrue and also AnchorUSD were the only platforms to announce support for the Spark token airdrop. However, on Wednesday Uphold joined them and announced via Twitter that it will distribute the Spark tokens to its users:

After fervent public commentary: we’re delighted to announce that Uphold is supporting the Spark Token Airdrop. You’ll receive Spark Tokens on a 1:1 basis to the amount of XRP you hold on December 12, 2020 – the ‘snapshot’ date.

Another renowned trading platform, eToro, is currently also investigating the support for the airdrop. eToro published the following message via Twitter:

eToro is keen to support the continued evolution of the #Ripple ecosystem. As such, eToro is currently in conversation with #Ripple & #Flare Networks regarding the upcoming distribution of Spark, the native token of the Flare blockchain.

As CNF reported, all XRP owners except Ripple Labs and certain former employees of Ripple Labs will be able to claim the Spark token. Once the snapshot is taken on December 12th, these addresses and all exchange addresses that do not support the airdrop will be removed from the pool of entitled addresses. Accordingly, about 45 billion XRP are eligible to participate in the airdrop (minus the exchanges that do not participate).

As the CEO of Flare Networks, Hugo Philion, explained, this will result in XRP holders being able to receive the Spark token at a higher ratio than 1 XRP = 1 Spark token:

The right to claim the 45 Billion Spark tokens will then be apportioned to each remaining address according to their proportional XRP balance in the snapshot. This may result in valid claimants receiving more than 1 Spark token for each XRP token that they hold.

About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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