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

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 will communicate the date and time of the tokens’ distribution to its users soon. 

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 exactly 9:00 (Japan Time). 

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

For instance, a Huobi user who has 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 it is possible for an XRP holder to be excluded from the FLR distribution despite his or her account being included among those 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, also 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 will not distribute the FLR tokens to users believed to be involved in 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, rather it chose to airdrop the tokens to XRP holders. 

Out of the 100 billion FLR total supply, Flare Network said it will be distributing 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 2 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. 

Source