Coinbase recently declared its participation in the anticipated Flare Network snapshot. This is great news for crypto investors who have their crypto under the US-based exchange. This declaration was made recently after several weeks of anticipated support. The exchange finally assured holders of its engagement in the forthcoming event.
Binance.US and Coinbase announced their late support
The Coinbase team also reported holders of their Pro account would also be allowed to participate in the event. As a known fact, most exchanges and wallets disable fund transfers and withdrawals very hours before the snapshot, so crypto holders should transfer their funds before the event commences to prevent a disqualification. However, the exchange assured that the wallets would be reopened after the event, and more information concerning it will be given.
Late last week, Binance.US finally declared its support for the event, making it two prominent exchanges that much these massive announcements within the last few days, making members of the crypto community relief without the troubles of transferring their funds to other wallets.
There were previous announcements that the two giants might not participate in the distribution, but it is good to hear of the new developments. Coinbase made the huge declaration that crypto enthusiasts have been anticipating via a blog post, explaining that accounts with XRP would receive the tokens that would be shared based on the amount of the crypto in their accounts.
The distribution would be massive, with 45 million tokens ready to be distributed to the event’s participants. Investors have been seen transferring their XRP funds into the Flare Network supported wallets and exchanges to seal their fate for December 12, the event’s date.
Why Coinbase distribution will be determined by jurisdiction
Next year’s token distribution is taking a different turn with some new pronouncements. The Sparks token will be distributed to each region based on specific laws the jurisdiction has. Based on the new law, Coinbase could not ascertain the possibility of every individual receiving the tokens.
It explained that each jurisdiction might have regulatory reviews, which might hinder the individuals from receiving the parcel and cannot guarantee the time or if tokens will be given to individuals from all parts of the world. It also notified their Flare Network support’s limitation strictly because all the distribution is based on authorization.
Some claims hinted that the firm’s prolonged response is due to some unavoidable issues with the regions’ jurisdictions towards the airdrops. Specific indications showed that the new announcement of Coinbase’s support might be improving XRP’s market prices.
Following the anticipated support, the cryptocurrency had a surprising increase in price. XRP moved from its usual price under $0.60 to 0.63 before returning to its regular price. The transient rise in XRP prices might be causing a pullback of the digital asset.
The pullbacks are dreaded for their abrupt change in prices, and some sources suggest that the crypto could drop to an unexpectedly lower price, which might not be encouraging for investors. Analysts have declared their current watch on XRP to see if it will continue to drop in prices.