Source: Wit Olszweski
Amidst the controversy over the U.S. Securities and Exchange Commission (SEC) lawsuit against its partner Ripple Labs, Flare Networks is celebrating the start of trading for its Spark token (FLR) on Bitrue. In a publication, the platform confirmed that the token is available starting today, January 6.
As CNF reports, a snapshot of the addresses of all eligible XRP holders was taken on Dec. 12, 2020, to determine those eligible for the Spark token airdrop. Fifteen percent of all FLR tokens will be distributed to all eligible hodlers sometime in the first or second quarter of the year.
However, Bitrue has already allowed its users to exchange FLR tokens for the XRP/FLR pair today through an informal means known as “I owe you” (IOU). After Flare Networks announced what the XRP:FLR distribution rate looks like a few days ago, Bitrue was able to calculate the exact amount of FLR its users will receive.
Through this, Bitrue could now start trading the IOU. However, Bitrue also clarified that “real” trading of FLR will only be possible after the official distribution of the token and stated the following restriction:
Please note that FLR trading will only be available to users who have passed KYC verification. FLR trading will NOT be available to US or Singaporean users until the official Spark distribution, which is expected to happen around Q1 or 2 2021.
In the XRP community, the news is considered highly bullish. CryptoEri stated via Twitter that Bitrue’s IOUs are a “sample” of future bullish sentiment for the trading pair. There are high expectations that trading on the platform will continue to increase and that FLR distribution will be beneficial to XRP holders. CryptoEri said:
XRP holders are incredibly lucky to be in the most exciting DeFi space with the XRP Ledger. Ability to wrap stable coins with Flare Finance. Take no prisoners. Onwards.
At the time of publication, the FLR/XRP trading pair recorded a trading volume of 3,520,251.62 FLR with an initial rate of about 0.10 which has risen to 0.58 at press time. This represents an increase of 494.3%. At its highest point of trade, the pair stood at 1.50.
On the other hand, the XRP and Spark community can celebrate the invitation of the Head of Business Development for Flare Networks, Mohamed Taysir, to the Africa Digital Finance Summit. The Flare Networks representative will be part of a discussion on the future of Africa in the growing digital finance industry. Taysir had the following to say about the event:
I’m excited to be speaking at the Africa Digital Finance Summit next month! I’m excited to talk about the Future of Finance in #Africa, looking forward to engaging with everyone!