Coinbase to Support XRP Holders Token Airdrop Spark

Coinbase announced on Saturday that it intends to support an upcoming coverage that has been seen as a factor in boosting the XRP price in recent weeks.

The San Francisco exchange said in a blog post that Coinbase customers with XRP balances at midnight UTC on December 12, 2020, will receive Spark tickets from Coinbase at a later date.

“How much Spark you receive depends on how much XRP you had in your account at snapshot time,” Coinbase wrote. Details of the coverage will be posted this week, a company spokeswoman told CoinDesk.

Spark is the native sign of Flare Network, a system that is supposed to bring Ethereum-like functionality to the XRP Ledger.

“The Flare, Spark token is created through the first ever utility fork where the origin network, in this case the XRP Ledger, benefits through increased utilities,” wrote the team behind the project smart contract in August.

XRP is up nearly 10% over the last 24 hours of press time, according to CoinDesk data.

“Supporting new networks and their projects is important not only to meet customer interest, but also the continued growth of the crypto ecosystem,” said Coinbase spokeswoman Crystal Yang.