Coinbase, the US cryptocurrency exchange, has finally listed the Flare (FLR) token following persistent pleas from XRP supporters. The move sparked new calls for the exchange to re-list XRP, given the close relationship between Flare and XRP.
In a tweet, Coinbase confirmed that it will support FLR on the Flare network and that users will only be able to make deposits through this network. The exchange has also started distributing the FLR airdrop to XRP holders, as promised in December 2022.
FLR distribution and trading
The airdrop will be distributed to wallets that held XRP tokens during the December 12, 2020 snapshot. While withdrawals are suspended during the distribution, trading for FLR will begin once the exchange confirms sufficient liquidity.
After the distribution, Coinbase will announce the launch of FLR/USD trading. The close relationship between FLR and XRP has intensified calls for Coinbase to re-list XRP, given Flare’s origins on the XRP Ledger.
The future of XRP on Coinbase
While Coinbase Chief Legal Officer Paul Grewal agreed with Ripple’s stance on what constitutes an investment contract, the exchange will not immediately resume support for XRP even if the court rules in favor of Ripple.
Grewal explained that Coinbase would need to perform its own due diligence to ensure the decision would not be reversed before resuming support for XRP. However, given the persistent calls from XRP supporters and Flare’s close relationship with XRP, the relisting of XRP on Coinbase may become more likely in the future.
Although the exchange has yet to make any firm commitments regarding XRP, the question remains: Should Coinbase put XRP back on sale, and what implications might this have for the cryptocurrency market?