Huobi Japan, a top Asian crypto exchange, will airdrop Flare Networks token (FLR) and Songbird (SGB) to eligible XRP holders on its platform. The distribution date and time are yet to be determined.
Part of the announcement read;
“Huobi Japan has decided to distribute the FLR token ( FLR ), which was announced on October 12, 2021, to customers.”
“Scheduled date and time of issuing are undecided. As soon as it is confirmed, we [Huobi Japan] will inform you on our website, app, etc.”
As revealed in the update, the eligible XRP investors are those who held XRP at the time of the snapshot and whose account has not been frozen by the exchange.
December 12, 2020, was the snapshot date and the number of tokens to be airdropped to each eligible user depends on how much XRP was held at the snapshot time by the user.
Therefore, the Flare Network token (FLR) and Songbird token (SGB) will be airdropped to eligible users at a ratio of 1:1.
Flare Network Token Airdrop
The Flare Network team has chosen to distribute 45 billion of its token supply to XRP investors as the project does not intend to implement an Initial Coin Offering (ICO) program. The total supply of FLR is 100 billion.
In December 2021, Huobi Japan crypto exchange wrote that they were discussing with Flare Network and 13 other business operators about protecting customer assets and maximizing the benefits of its clients.
The discussion was based on airdropping Flare Network tokens to holders of the crypto asset XRP. However, the distribution will take place after the team upgrades the Songbird network, an associated project.
All the parties involved reached an agreement that “if Flare Network token’s (FLR) listing is approved by the Japan Crypto Asset Exchange Association (JVCEA) and the Financial Services Agency (FSA) by June 12, 2023, the domestic business will claim the FLR tokens and distribute them to XRP holders.”
The report also added that “Songbird tokens (SGB) will be distributed by Flare Networks to Japanese exchanges when FLR tokens are approved for listing on JVCEA/ FSA.”