Bitstamp Considering Adding Support For The Flare XRP Fork

Bitstamp stands as a heavyweight crypto exchange, and one of the longest-standing ones to boot. According to a blog post it made on the 13th of November, 2020, the exchange is currently considering adding support for Flare, an XRP utility fork.

Heavy Considerations Being Made

In the blog post, Bitstamp addressed the questions over its next course of action with the Flare Network’s Spark airdrop. In the post, it stated that it is taking into consideration whether or not it wants to support the upcoming fork. As it stands now, Bitstamp is doing the due diligence regarding the airdrop of Spark (FXRP) tokens, which are the native tokens of the Flare network.

Flare Networks stands as a blockchain network based on Avalanche, boasting the fact that Ripple’s Xpring funded its development, as well.

Flare will allow for smart contracts to be executed within the XRP Ledger, thanks to a clever integration of the Ethereum Virtual Machine, or EVM. There is further potential that Flare could hold smart contract support for other non-Turing-complete blockchains, Litecoin being a prime example.

The Next Step For XRP

Flare stands as a utility fork of XRP proper, and has already gained support from a number of heavyweight crypto exchanges, prime examples being Uphold and Bitrue. Bitstamp, however, stands as an A-list crypto exchange, one that would propel Flare into new heights.

The BitBay crypto exchange, one of the biggest exchanges based in Europe, has already made it clear that it plans on adding support for Flare.

Delighted to announce that @BitBay is supporting the Spark distribution. #UnlockingValue #XRP pic.twitter.com/ARvuIQ4xon

— Flare (@FlareNetworks) November 9, 2020

Bitstamp isn’t even the only A-list crypto exchange aiming for it anymore, either, as Kraken and Binance have already started talks with the Flare network when it comes to Spark token distribution. They’ve been doing this since September this year.

Holders Need To Be Ready For Airdrop

As it stands now, the date of the Spark token airdrop is scheduled for the 12th of December, 2020, at exactly midnight. This is less than a month from now, and the excitement is palpable.

XRP holders that are on exchanges without Flare support will be forced to move their holdings to self-custody wallets, however, should they want to claim their own spark tokens. As is obvious, these tokens need to be moved prior to the snapshot date mentioned above.

Another alternative is merely sending the XRP to any supporting crypto exchange before the airdrop itself takes place, as this would do the same.