By Bentley Kapoor (India)
One of the longest-standing and renowned crypto exchanges that exist in the market today is Bitstamp. On November 13th, 2020, the exchange made a blog post in which it disclosed that it is considering adding support for an XRP utility fork, referred to as Flare. The crypto exchange used the blog post for addressing questions about the next course of action it will take in regard to the Flare Network’s Spark airdrop. Bitstamp noted in the post that it was contemplating whether to add support for the upcoming fork or not. As of now, the exchange is doing its due diligence into the native tokens of the Flare network, which are known as Spark (FXRP) tokens.
Where Flare Network is concerned, it is essentially a blockchain network that’s based on Avalanche and it also boasts the fact that its development was funded by Ripple’s Xpring. With the use of Flare, it will be possible to execute smart contracts within the XRP Ledger and this is mostly because of a clever integration of the EVM, which is known as the Ethereum Virtual Machine. Moreover, there is also a possibility that Flare could also be used for smart contract execution within other non-Turing complete blockchains, such as Litecoin, in the future.
Known as the utility form of XRP, Flare has already managed to garner support of a number of prominent crypto exchanges in the market, including Bitrue and Uphold. However, Bitstamp is an A-list crypto exchange and its support for the XRP fork would help in propelling it to new heights. One of the biggest crypto exchanges in Europe, BitBay has already announced its plans of supporting Flare. Moreover, Bitstamp is certainly not the only A-list crypto exchange that’s aiming for this particular utility fork; there are others involved as well and these include some prominent names, such as Binance and Kraken.
They have already initiated talks with the Flare Network for the distribution of the Spark token. These talks have been ongoing since September. According to the latest announcement, the Spark token airdrop has been scheduled for December 12th, 2020 when the clock hits midnight. This means that it is less than a month away, which is another reason why there is so much excitement surrounding it. It should be noted that XRP holders who want to claim their Spark tokens, but are on exchanges that don’t support the Flare network, will have no other choice than to transfer their holdings to self-custody crypto wallets.
More importantly, they would need to move these tokens before the date of the launch. However, this is not the only alternative they have available. Another option that can be explored is to just send the XRP they have to any crypto exchange that has added Flare support before the airdrop can take place. In this way, they would be able to get their hands on the Spark token and will not have to worry about losing this opportunity.
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