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GMO Exchange Extends Yen Offer to XRP Holders for Delayed Songbird Airdrop

Sep 22, 2023 at 01:01 pm

In 2020, an airdrop initiative was launched, and now its advantages are being expanded. GMO, a Japanese cryptocurrency exchange, has announced plans to compensate specific traders who held XRP in 2020 with the equivalent value in yen of Songbird (SGB) tokens.

For every XRP held as of December 12, 2020, users will receive the equivalent yen value of 0.1511 SGB. Songbird operates as an experimental blockchain within the Flare Network. Initially conceived as a decentralized finance (DeFi) platform utilizing XRP tokens, Flare gradually evolved into a layer 1 blockchain.

On December 12, 2020, snapshots were taken of XRP holdings across various blockchains and exchanges. These snapshots were intended to form the basis for distributing both Flare’s FLR and SGB tokens to holders. Unfortunately, Ripple's legal dispute with the U.S. Securities and Exchange Commission (SEC) resulted in delays to the airdrop plans. While FLR tokens were eventually distributed to XRP holders after nearly two years of waiting, the distribution of SGB faced even further delays.

However, due to local regulatory constraints, some exchanges excluded holders residing in Japan from participating in the airdrop. In a move seemingly aimed at ensuring user satisfaction, GMO, one of the few regulated exchanges in the country, has chosen to provide Songbird airdrops to Ripple holders in Japanese yen.

A notice specifies, "Eligible participants are customers who held physical Ripple (XRP) in our company account as of 9:00 on Saturday, December 12, 2020. The quantity will be determined based on a snapshot of Ripple (XRP) converted into Japanese yen using our established method and timestamp.". GMO has committed to completing the distribution of yen to eligible accounts by September 29, 2023.

Read more: Cryptocurrency Market Sees Stability: Bitcoin Maintains $27K, XRP, ADA, DOGE Show Minor Movement

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