In an exciting development, GMO, a prominent Japanese cryptocurrency exchange, has recently announced its plan to provide Japanese yen deposits equivalent to Songbird (SGB) tokens to eligible traders who held XRP in 2020. The exchange made this announcement through a detailed post, outlining the specifics of the program and demonstrating its commitment to customer satisfaction.
Eligibility Based on XRP Holdings in December 2020
According to GMO’s statement, traders who held XRP as of December 12, 2020, will qualify to receive the Japanese yen equivalent of 0.1511 SGB for each XRP they possessed during that period. This initiative aims to compensate users for the delay in distributing Songbird tokens, which serve as an experimental blockchain within the Flare Network ecosystem.
The Evolution of Flare Network and Songbird
Initially, Flare Network had intended to operate as a decentralized finance (DeFi) platform utilizing XRP tokens. However, it underwent a transformation into a layer 1 blockchain over time. On December 12, 2020, snapshots were taken of XRP holdings on blockchains and across various cryptocurrency exchanges. These snapshots were originally intended to facilitate the distribution of both Flare Network’s FLR and Songbird (SGB) airdrops to XRP holders. However, Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) resulted in significant delays, with FLR tokens being distributed after a two-year wait, and the distribution of SGB facing further postponements.
Addressing Regulatory Challenges in Japan
In Japan, certain exchanges deemed some XRP holders ineligible for the airdrop due to local regulations and laws. However, GMO, being one of the few regulated exchanges in the country, has taken a customer-centric approach to tackle this issue. They have decided to compensate Ripple holders by issuing Songbird airdrops in the form of Japanese yen.
Determining Eligibility and Allocation
GMO has determined eligibility for this offering based on customers who held physical Ripple (XRP) in their accounts as of 9:00 on Saturday, December 12, 2020. The allocation of Songbird tokens to these eligible holders was determined through a snapshot of Ripple (XRP) holdings, with the conversion into Japanese yen being performed using the exchange’s specific methodology and timestamp. This proactive step by GMO showcases their dedication to accommodating users during a period of regulatory and legal uncertainties surrounding XRP.
Conclusion
GMO’s announcement regarding the deposit of the Japanese yen equivalent of Songbird (SGB) tokens to eligible XRP traders showcases their commitment to providing exceptional services and addressing the needs of their customers. By compensating traders affected by the delay in the SGB airdrop, GMO Exchange demonstrates its dedication to customer satisfaction and its ability to navigate regulatory challenges. This customer-centric approach solidifies GMO’s position as a leading cryptocurrency exchange in Japan, offering innovative solutions and maintaining a strong focus on user experience and support.
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