On Nov. 24, two major announcements excited the audience of Flare, a much-anticipated "utility fork" of XRP Ledger. Two top-tier exchanges, Bitstamp and Crypto.com (CRO), shared its plans to support Spark airdrop for XRP holders.
Bitstamp, Crypto.com (CRO) have caught the last ride
According to the official announcement by Flare Networks, the development studio behind Flare XRPL fork, the top-notch centralized cryptocurrency exchanges Bitstamp and Crypto.com (CRO) will support Spark distribution. Both platforms have already confirmed their participation.
Crypto.com (COM) stressed that users of both the web interface and the application (Crypto App) will be able to claim Spark tokens. Also, the holders who locked XRP in passive income programs may use the tokens to garner new assets:
XRP that has not been deposited at the time of the snapshot will not be included in the distribution calculation. XRP in Crypto Earn is eligible for the distribution.
Veteran exchange Bitstamp was the first top platform to start considering supporting Flare fork. Although the support of Spark airdrop is now confirmed, the Bitstamp team is still researching the merits and disadvantages of Spark listing:
Please note that this does not necessarily mean we will be listing the Spark token. We are currently in the process of evaluating support for the new asset at Bitstamp.
This decision is a crucial one for both platforms: a significant share of its trading volume should be attributed to XRP pairs. For instance, XRP/USD and XRP/EUR pairs are responsible for 40.5 percent of Bitstamp trading volume while XRP/BTC and XRP/USDT pairs surpass 29 percent on Crypto.com (CRO).
What are they waiting for?
Following two amazing announcements, Flare Networks shared the list of top exchanges that are still lagging behind Bitstamp, Bithumb, Crypto.com, Coinone and others. First of all, Flare Networks is interested in support by Coinbase, Binance, Bittrex, Kraken and Bitfinex.
Flare Networks highlighted that XRP holders may move their bags to supporting exchanges in case of giants' failure to react promptly.
The snapshot of XRP balances eligible for Spark distribution will be taken on Dec. 12 at 12:00 a.m. UTC. The funds will be distributed by Flare Networks in early 2021.