Coinbase Supports Spark Airdrop to XRP Holders

Coinbase Supports Spark Airdrop to XRP Holders

By Ott | ExploreCrypto | 6 Dec 2020


Coinbase announced on Saturday that it plans to support the upcoming giveaway, which has been seen as a factor in the XRP price increase in recent weeks.

Spark is the Flare Network's own token, a system designed to provide Ethereum-like functionality to the XRP Ledger.

“The Spark token could be a utility fork that allows the original network, in this case the XRP Ledger, to benefit from increased utility,” wrote the team behind the smart contract project in August.

"Supporting new networks and their projects is important not only to satisfy customer interest, but also to the continued growth of the crypto ecosystem," said Coinbase spokesman Crystal Young.

The other day, the company's CTO David Schwartz confirmed that Ripple may be forced to burn all of its XRP assets if the community votes to do so, Cointelegraph reports. According to CIO Ripple, validators can force the network to burn 48 billion XRP tokens, regardless of whether the company agrees with the decision or not.

The company currently owns half of the total XRP supply and has been criticized by the community for selling tokens in the past, although it has vehemently denied claims of price manipulation and said it has recently stopped the practice.

On his Twitter thread, Schwartz confirmed that the community could vote for Ripple to burn their entire supply of XRP tokens, stating that the blockchain is "very democratic."

 


Ott
Ott

Avid writer


ExploreCrypto
ExploreCrypto

Cryptocurrency

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.