The San Francisco-based exchange stated in a blog post that Coinbase customers with XRP balances as of midnight UTC on Dec. 12, 2020 will receive Spark tokens from Coinbase at a later time.
According to coindesk, “The amount of Spark you’ll receive depends on how much XRP you had in your account at the snapshot time,” Coinbase wrote.
A company spokesperson told CoinDesk that the details about the airdrop will be posted this week.
Spark is the native token of the Flare Network, a system meant to bring Ethereum-like functionality to the XRP Ledger.
The team behind the smart-contract project wrote in August:
“Flare’s token, Spark is created through what may be the first ever utility fork whereby the origin network, in this case the XRP Ledger, benefits through increased utility.”
According to CoinDesk data, XRP is up roughly 10% over the last 24 hours as of press time.
Coinbase spokesperson Crystal Yang stated:
“Supporting new networks and their projects is important for not only meeting customer interest, but also the continued growth of the crypto ecosystem.”