Japanese IT giant GMO Internet’s cryptocurrency exchange arm, GMO Coin, has made an exciting announcement regarding its upcoming airdrop of Songbird (SGB) tokens to XRP holders. This unique move in the crypto space entails distributing Songbird tokens as Japanese yen to eligible XRP holders, providing them with direct access to the benefits of this exciting new blockchain network.
GMO Coin’s Songbird Airdrop
GMO Coin’s decision to participate in the Songbird airdrop initiative marks a significant development within the crypto ecosystem. The exchange has revealed its plan to distribute Songbird tokens to XRP holders later this month, offering a seamless transition from one cryptocurrency to another.
In an official announcement, GMO Coin stated, “We would like to inform you that we have decided to issue SGB airdrops to XRP holders in Japanese yen.” This groundbreaking move underscores the exchange’s commitment to providing its users with a streamlined experience in the world of crypto assets.
The distribution of Songbird tokens to GMO Coin users will be based on their XRP holdings at a specific snapshot date, which was December 12, 2020. Each user who held XRP in a GMO Coin account during this snapshot will receive Songbird tokens at a conversion rate of 0.1511 SGB for every 1 XRP they held.
Notably, GMO Coin has ensured that eligible XRP holders will receive their Songbird airdrop directly in Japanese yen. The distribution process is set to commence and is expected to be completed by September 29, 2023.
Inclusivity and Eligibility
What sets GMO Coin’s initiative apart is its inclusivity. Customers who have engaged with GMO Coin’s lending product are also eligible to receive the Songbird airdrop. Additionally, those who may have sold their XRP coins immediately after the snapshot are still eligible to claim their entitled funds.
Joining the Ranks of Supporting Exchanges
With this announcement, GMO Coin has joined the league of cryptocurrency exchanges supporting the Songbird airdrop. Flare Network, the entity behind Songbird, had previously released a list of crypto exchanges participating in the initiative. Some of these exchanges include Binance, Kraken, KuCoin, MEXC Global, Bithumb, Cryptocom, and Upbit.
After overcoming a series of delays, Flare Network successfully airdropped Songbird tokens to the exchanges on January 10, 2023. These exchanges were entrusted with the responsibility of distributing the tokens to eligible XRP holders.
Songbird Token Value
As of the time of reporting, a single Songbird token was trading at $0.0046, experiencing a minor 1% decrease in value over the past 24 hours. This token holds the promise of contributing to the evolving landscape of decentralized finance and blockchain networks.
In conclusion, GMO Coin’s decision to distribute Songbird tokens in Japanese yen to eligible XRP holders represents a significant stride in the crypto industry. It demonstrates the exchange’s commitment to user convenience and accessibility while aligning with the evolving trends in blockchain technology and digital finance. The Songbird airdrop initiative, with its unique approach, continues to bridge the gap between traditional and crypto financial systems.