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Exchange GMO to offer JPY to XRP holders following delayed Songbird ($SGB) airdrop

By:
on Sep 22, 2023
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  • GMO Coin plans to distribute Songbird coins to XRP traders on its platform.
  • Qualified XRP holders will receive the SGB coins in Japanese yen.
  • GMO Coin’s decision comes after multiple renowned trading firms backed the token distribution.

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Tech firm GMO Internet’s crypto trading arm GMO Coin continues with the planned Songbird ($SGB) airdrop to XRP holders using its platform. Meanwhile, individuals will receive the tokens in Japanese yen, not the actual $SGB coins.

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Notably, XRP holders who have had their coins on GMO Coin during the 12 December 2020 snapshot, initially taken for Flare (FLR) distribution, will qualify for the $SGB airdrop.

The airdrop’s planned conversion rate for GMO Coin customers will be 0.1511 $SGB for every XRP coin owned during the snapshot. Further, users will receive their share in JPY, whereas distribution will end by 29 September. Also, individuals who used GMO Coin’s lending offering during the mentioned snapshot qualify for the airdrop.

The Songbird network, serving as Flare’s Canary blockchain, uses SGB as its native token. The platform remains crucial for testing Flare’s network architecture, including F-Asset systems, StateConnector, and Flare Time Series Oracle.

The Flare team believes Songbird is a top-notch platform for measuring governance-centered changes. Flare’s initial goal was to become a DeFi application and ensure the XRP Ledger is compatible with the Ethereum Virtual Machine. Nonetheless, Flare Network transitioned into an oracle service and a blockchain.

GMO Coin’s move matches several leading trading companies, including Binance, Bitstamp, Poloniex, Bitfinex, OKX, Nexo, Kraken, and KuCoin, that have backed their airdrop. These firms distributed the airdropped coins to users early in 2023.

SEC-Ripple update

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While the XRP community is eager for a potential settlement of their fight with the Securities & Exchange Commission, lawyer John Deaton highlighted the watchdog’s reluctance to negotiate. Talking at Space X, the attorney believes SEC leaders are arrogant towards the lawsuit.

Deaton asserts that the regulator fears the impact a settlement will have on the ongoing suit against Coinbase. In June, the SEC sued the crypto exchange for operating as an illegal broker. Coinbase might argue that it serves as a secondary market if the SEC accepts Ripple’s claim, denting the SEC’s claims.

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