Kraken Enables Flare Funding and Staking To The Excitement Of XRP Holders

Kraken has enabled funding and staking for the Flare token as the airdrop distribution date draws closer for XRP holders.

United States-based cryptocurrency exchange Kraken recently disclosed that it had enabled Flare (FLR) token funding on its platform as the community draws closer to the airdrop distribution date. According to Kraken, following the distribution, customers will also be able to stake and trade their FLR tokens.

Kraken disclosed the development through its Twitter handle and an official notice as it sought to update the community on its progress regarding support for FLR.

Update on the $FLR @FlareNetworks distribution!

✅ Funding is now enabled

Here’s what to expect next:
? Airdrop distribution to take place soon
ℹ️ Staking and Trading will be available

More details ? https://t.co/dKTKPr35jd pic.twitter.com/ISc7bNrbdM

— Kraken Exchange (@krakenfx) November 24, 2022

The cryptocurrency community has received the news with excitement, especially XRP holders anticipating the airdrop distribution of the token. Moreover,  per the official notice, the platform has already enabled funding for the FLR token.

Kraken further mentioned that customers would get the opportunity to trade the FLR token against the dollar (USD) and euro (EUR) and also stake the token on its platform. Kraken also promised to update users on any progress in its support for the token and the distribution event. Over the months, other notable exchanges, such as Crypto.com, have also declared support for the airdrop distribution.

Speaking on the development, co-founder and CEO of Flare Networks, Hugo Philion, expressed his gratitude to the Kraken team for their extended support for the FLR token. Philion noted that Kraken’s enablement of staking is a “massive” move from the exchange.

The Flare Team Recently Pushed Back the Distribution Date

Kraken’s active support for the FLR airdrop underlines the exchange’s preparedness for the distribution. Recall that the Flare team postponed the distribution date for the FLR distribution early this month, citing a lack of preparedness on the part of exchanges. As a result, the team pushed back the airdrop distribution event to January 2023.

The Flare Networks team also disclosed the asset’s tokenomics at the time, as reported by The Crypto Basic. According to the disclosure, the total asset supply at the distribution event is 100B. Of this total amount, the network plans to allocate 58.3B to the community, with 19.2B going to the team, advisors and backers. Additionally, the entities responsible for facilitating the project investment and ecosystem will receive 22.5B.

Meanwhile, last month, the Flare team revealed that the network had successfully attained a decentralization status. Therefore, according to its roadmap, the community should expect the airdrop distribution to occur next.