Coinbase Airdrops $601 Million FLR Token to XRP Holders

Coinbase, one of the world's leading cryptocurrency exchanges, has announced that it will airdrop approximately $601 million worth of FLR tokens to XRP holders. This marks the first major airdrop for Coinbase and is expected to be followed by more such initiatives.

According to the statement released by Coinbase, the airdrop will come in the form of Flare Networks (FLR) tokens. The tokens will be distributed on a one-for-one basis to eligible customers who held XRP in their Coinbase accounts as of December 12th, 2020, at 00.00 UTC.

The airdrop is designed to reward customers who have held XRP through the challenging times over the last few years and also provide an incentive for people to start holding XRP again. The distribution process is expected to begin in early 2021 and should take several weeks.

Flare Networks is creating a new protocol for smart contracts that utilizes an off-chain data layer called F-trees. This protocol will help users execute high-speed transactions with low transaction fees and offer several other features such as privacy and scalability.

"We're excited at Coinbase about this opportunity to bring more value to our customers," said Chief Executive Officer Brian Armstrong. "We hope this airdop will help drive interest in XRP again and encourage more people get involved with cryptocurrency."