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XRP Utility Fork receives support from Binance, Bitstamp



Source: Pixabay

The XRP community has been eagerly waiting for the Flare network airdrop scheduled for December. While the network was still awaiting support from major exchanges, Binance today announced its support for the airdrop. According to the announcement by Binance:

“Binance will support the Spark (SPARK) Airdrop Program for XRP (XRP) holders. The airdrop snapshot will take place at the first validated XRP ledger index number with a timestamp greater than or equal to 2020/12/12 00:00 AM (UTC).”

The exchange added that it will be suspending XRP deposits and withdrawals from 12 December 10.00 PM [UTC] and then take a screenshot of all XRP tokens help by the users. The exchange noted that:

“Deposits and withdrawals will be reopened after the snapshot is complete. Please note that trading of XRP will not be affected during the airdrop.”

Flare Network aims to increase the usability of various digital assets by using these assets in its smart contracts. It required a token for the operation of the network, following which, the token Spark was introduced. The network is supported by Ripple’s investment arm, Xpring and is a utility based fork, which meant that Spark token will be generated by a fork of XRP.

The hype around XRP has been rising and this can be seen in the rising value of the asset. Yesterday, Bitstamp also announced support for the airdrop,e expanding its list to 20 exchanges supporting the airdrop.

In the past 30 days, the value of the digital asset has climbed by 123% and has been currently valued at $0.6809. Owing to such interest, Binance has also added XRP to its list of borrowable assets.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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