GMO Coin to Distribute Songbird Tokens to XRP Holders
GMO Coin, the cryptocurrency trading subsidiary of GMO Internet, has announced that it will distribute Songbird (SGB) tokens to its XRP token holders who had tokens on the exchange during the airdrop’s snapshot. However, instead of receiving SGB tokens, eligible users will receive the equivalent value in Japanese yen.
About Songbird and Flare Network
SGB is the native token of the Songbird network, a Canary blockchain for Flare. The network is instrumental in testing governance-led changes to Flare, such as incorporating new F-Assets and making changes to the FTSO and F-Asset systems. The Flare Network aims to bring Ethereum Virtual Machine compatibility to the XRP Ledger and has been transitioning into a layer-1 blockchain and oracle service.
Airdrop Details and Participation
GMO Coin users who held XRP at the time of the snapshot will receive 0.1511 SGB for each XRP token they held, converted into Japanese yen. This distribution will take place by September 29. Users who were using GMO Coin’s lending product also qualify for the airdrop. Other trading platforms supporting this airdrop include Kraken, Nexo, KuCoin, OKX, Bitfinex, Bitstamp, Poloniex, and Binance.
Hot Take: GMO Coin Supports Songbird Airdrop for XRP Holders
GMO Coin, the cryptocurrency trading subsidiary of GMO Internet, has announced its support for the distribution of Songbird tokens to its XRP holders. Eligible users who held XRP at the time of the snapshot will receive an equivalent value in Japanese yen instead of SGB tokens. This airdrop is a way to test governance-led changes to Flare and incorporate new F-Assets and network changes. GMO Coin joins other trading platforms in supporting the airdrop, allowing XRP holders to benefit from this distribution.
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