Binance.US recent declaration on its support for the snapshot has given it a lot of support in the XRP crypto space. Major XRP investors now have the exchange as an option for their crypto transactions, for those based in the United States.
How Binance.US surprised US-based holders
There were earlier concerns regarding some problems with US jurisdictions, based on stringent laws on airdrops, which could have prevented Binance.US. The company, however, informed the US-based XRP investors that it would be available as an option. The Binance.US team assured their XRP investors that there would be available balance snapshots. The new development will help XRP participate in Flare.
Network distribution by next year.
Most major US-based crypto exchanges have declared their support for it, leaving behind Coinbase as the only US-based significant contributor yet to say their stance. Over the week, many exchanges reported their view, and one of those exchanges is Kraken. Kraken declared full support for the airdrop and snapshot. Other prominent players have cited their support, and some of them include OKEx, Huobi, and even Bitfinex declared their stance for spark token distribution and even networks snapshots.
There has also been some pressure mounted on the Japanese contributors to approve the support of up to twelve Japanese exchanges for the event. The exchanges explained that only when the spark has been adequately approved to be listed by some of its government agencies. Its financial service authority will then distribute the tokens to the XRP crypto owners.
The group of Japanese exchange companies was clearly in support of the distribution. Still, the time-wasting approvals and bureaucracy that occurs before the approval might delay the anticipated support more than expected.
Anybody can participate in the event
The Flare Networks snapshot is expected to be on December 12. There are various ways individuals can participate in the event. The snapshots will help record the participation of XRP holders to subsequent airdrops of the anticipated spark tokens. This development would happen within May next year. The holding declared that up to 100 million FLS would be created, and some would be shared amongst XRP holders.
There are also various ways interested candidates could participate in the event. The individual can leave his or her XRP token in an exchange that declared support for the snapshot. This method is preferential to people who want to express their participation quickly. Exchanges will stop most deposits and transfers a few hours before the event, so it’s better to deposit the XRP tokens before the event. There is a long list of supporters of the events, so people can easily choose an exchange.
Another method is depositing your XRP in a wallet, which early declared support for the event. This method is a bit more complicated than the previous one because you would have to verify the wallet’s ownership in this. You will copy your wallet address and process the address with some essential tools.
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