Revolut to support Flare Network’s upcoming Spark airdrop
News · Revolut · 8 December 2020Elizabeth McGrath
Flare Network is planning a Spark token airdrop for all holders of XRP tokens. Following the news that all our crypto partners are supporting the airdrop, Revolut is also able to provide support.
Please remember, cryptoassets are volatile and not regulated or protected by investor compensation schemes – value can go down or up. Your trading after the airdrop may be subject to tax.
What is an Airdrop?
An airdrop is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses that is a way of gaining attention and new followers.
What is the Flare Network and Spark tokens?
- The Flare Network is a new blockchain network based on the Flare Consensus Protocol - a system meant to bring Ethereum-like functionality to the XRP Ledger. Read more here.
- A Spark token is native token of the Flare Network.
Who is eligible to receive Spark tokens?
If you are holding any XRP tokens on your Revolut account at midnight UTC on 12th December 2020, you will be eligible to receive Spark tokens in the future. The number of Spark tokens for each user that holds XRP at the snapshot time will be calculated as:
Number of Spark tokens for User X = (Number of XRP tokens held by user X at snapshot / Total XRP held by Revolut at Snapshot) * Total Spark tokens received by Revolut during the Airdrop
There’s always extreme uncertainty around events like this. Supporting the airdrop does not mean that Revolut will list Spark token as a tradable asset in future. Our default position is we will not list any asset until it has passed Revolut’s Crypto asset selection process and other required regulatory/legal checks. Until that time you won't be able to view, buy, or sell Spark tokens in your Revolut App.
We’ll keep you updated with details of how the distribution of tokens will take place once the Flare Network goes live. We’ll also let you know in advance if we plan to make any additions to the cryptocurrencies we support.
Revolut’s cryptocurrency service is unregulated. Funds received by us in relation to cryptocurrency transactions will not be safeguarded (under the UK Electronic Money Regulations 2011).