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HomeCrypto NewsMarketHuobi Japan To Distribute Flare Tokens to Ripple (XRP) Holders

Huobi Japan To Distribute Flare Tokens to Ripple (XRP) Holders


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The cryptocurrency exchange has given conditions for the tokens’ distribution. 

Huobi Japan said in a press release that it has “decided” to distribute Flare Network tokens (FLR) and Songbird tokens (SGB) to XRP holders. 

According to the announcement today, the exchange said it would soon communicate the date and time of the tokens’ distribution to its users. 

Beneficiaries of the Flare Airdrop

The FLR and SGB giveaway will be distributed to XRP holders who held XRP in their Huobi Japan account at the date of the snapshot, December 12, 2020, at precisely 9:00 (Japan Time). 

The tokens will be distributed to XRP holders who meet the requirements using a 1:1 ratio. 

For instance, a Huobi user with 500 XRP at the time of the snapshot will receive 500 units of Flare and Songbird tokens when the airdrop commences. 

Not All XRP Holders will Receive the Airdrop.

Huobi Japan noted that an XRP holder could be excluded from the FLR distribution even if their accounts were included in the snapshot. Some circumstances that may exclude some Huobi XRP traders from receiving the FLR rewards include customers whose accounts have been canceled or frozen, customers who executed a trade during the time of the snapshot, and customers whose deposits did not reflect at the time of the snapshot. 

Furthermore, Huobi Japan said it would not distribute the FLR tokens to users believed to be involved in the fraudulent practice. 

Flare Network Tokens Airdrop

The distribution of FLR and SGB tokens has been a major topic of discussion for over a year. It is worth noting that the airdrop is a method the Flare Network team wants to use to distribute its ecosystem tokens. 

Flare Network does not intend to carry out an Initial Coin Offering (ICO) for its digital currency; instead, it chose to airdrop the tokens to XRP holders

Out of the 100 billion FLR total supply, Flare Network said it would distribute 45 billion to XRP holders. As reported by TheCryptoBasic, Flare Network noted that it will commence the distribution of FLR after completing the upgrade of Songbird

“With the final two protocols [of Songbird] required before Flare launch, [it] will allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks,” Hugo Pilion, Flare Network CEO, said. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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