Bitrue reveals when Spark (FLR) token will become available for trading
According to digital asset manager Bitrue, Flare Network’s native token – Spark (FLR) – will be ready for trading from January 6th. First of all, users can trade Spark (FLR) with XRP and that is also the pair. The first transaction with XRP is the base currency.
The $XRP: $FLR ratio has been decided, which means Bitrue will be opening FLR trading on the XRP pair starting January 6th! We’ll also be airdropping your initial FLR distribution into your accounts on December 30th. More info @ https://t.co/7XAuNpT6Mv @FlareNetworks pic.twitter.com/WaGInlWA8b
— Bitrue (@BitrueOfficial) December 28, 2020
Bitrue reveals when Spark (FLR) token will become available for trading
After the hit Airdrop FLR event, XRP holders will now have to wait until all tokens are distributed to their wallets. It is reported that on December 30, 2020, the initial distribution of FLR tokens will take place. Bitrue is one of the most XRP-friendly exchanges. Notably, Bitstamp is the first major exchange to drop XRP due to its predicament with the regulatory watchdog. The Luxembourg-based company was founded back in 2011.
However, Bitstamp will suspend XRP trading for US users next month. According to market prediction Polymarket, largely hopes Coinbase will follow suit.
Starting from Jan. 8, 2021, its U.S. customers will no longer be able to deposit or trade the fourth-largest cryptocurrency:
“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC. We will closely follow the unfolding situation and continue to adapt accordingly.”
Flare is a new blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol. Flare’s native token will be an algorithmically managed, pegged stablecoin, aiming to keep network usage costs predictable and providing a primary input for DeFi use cases. Or to put it more simply. Flare Networks is a smart contract utility branch of the XRP cryptocurrency that aims to connect tokens to the Ethereum ecosystem.
Although sponsored by Ripple’s former investment arm, Xpring, the project maintains its independence from the blockchain company. Earlier this month, Ripple CEO Brad Garlinghouse stated in an interview with CNN that his company has no wobble in conversations with exchanges.
Following the SEC’s lawsuit against Ripple, Block Digital co-founder Santiago Velez announced that Flare could build a whole new layer of applications for XRP. Hence, this could assist in reducing the risks for the partners involved in Ripple.
He stated:
“This is why the counterparty risk w/ Ripple is high, the community has become dependent on their efforts instead of building. W/ @FlareNetworks we can see an entirely new class of applications with lower dependency. If you want XRP to be valuable, time to get to work folks! Build.”
Currently, the team is beta testing its first DeFi project, Flare Finance, which has over 1,000 registered participants.
The announcement has yet to generate any new price moves for XRP. XRP has so far plunged over 45% in the last seven days.
Read more:
- Ripple Co-Founder Jed McCaleb Stopped Dumping His XRP After The SEC Filed A Lawsuit Against Ripple
- Swiss Crypto Asset Manager 21Shares Removed XRP From Its ETPs Because SEC Filed A Case Against Ripple