Connect with us

News

Bitbank leads consortium of 12 Japanese exchanges to support Spark airdrop

Published

on

Source: Pixabay

After much uncertainty around the issue, an announcement today from Japanese crypto exchange Bitbank, declared that Flare networks will be able to distribute the spark token to Japanese exchange’s XRP holders.

The distribution, however, is subject to a few conditions to be approved by the Japanese JVCEA by 12 June 2022.

The resulting development came as a result of efforts from a domestic joint communication team of 12 crypto-asset exchanges, that had been in discussions with Flare Networks regarding the distribution of the Spark Token.

The Bitbank announcement stated,

“If Spark token is officially approved for listing by the Japan Virtual and Crypto assets Exchange Association (JVCEA) and the Financial Services Agency by June 22, 2022 JST, we will claim Spark token and distribute it to each exchange’s XRP holders.”

The conditions include that exchanges will be required to meet procedures in accordance with regulations and the rules of self-regulatory organizations and information regarding the timing of listing and distribution.

bitFlyer, Coincheck, and SBI VC Trade are among the 12 exchanges that will participate in the Spark Token distribution.

Bitbank announced that they will be suspending withdrawals for XRP on December 12 for reasons relating to this purpose, and stated,

“Given this decision, we are scheduling suspension of withdrawals for XRP from 8:00~9:30 12 December 2020 JST, for the purpose of taking a snapshot of the XRP currently held in our customer’s user wallets.”

The announcement also stated that as of  12 December 2020 9:00 JST, they will vest the rights related to the distribution of Spark tokens based on a user’s given XRP balance.

SBI VC Trade also announced instructions for customers that wished to receive Spark tokens.

These 12 Japanese exchanges, join Binance US and over 50 other exchanges and wallets in support of the airdrop.

Where to Invest?

Subscribe to our newsletter

Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *