Coinbase Lists Flare Token, Is XRP Next?

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Coinbase, the American cryptocurrency exchange, has finally listed the Flare (FLR) token following persistent calls from XRP supporters. The move has elicited further calls for the exchange to relist XRP, given the close relationship between Flare and XRP. 

In a tweet, Coinbase confirmed that it would support FLR on the Flare Network and that users could only make deposits through this network. The exchange has also started distributing the FLR airdrop to XRP holders, as promised in December 2022.

Distribution and Trading of FLR

The airdrop will be distributed to wallets that held XRP tokens during the snapshot on December 12, 2020. While withdrawals are suspended during the distribution, trading for FLR will begin once the exchange confirms sufficient liquidity. 

After the distribution, Coinbase will announce the FLR/USD trading launch. The close relationship between FLR and XRP has intensified calls for Coinbase to relist XRP, given Flare’s origins on the XRP Ledger.

The Future of XRP on Coinbase

While Coinbase’s Chief Legal Officer, Paul Grewal, agreed with Ripple’s position on what constitutes an investment contract, the exchange will not immediately resume support for XRP even if the court rules in Ripple’s favor. 

Grewal explained that Coinbase would need to carry out its own due diligence to ensure the ruling would not be overturned before resuming support for XRP. However, given the persistent calls from XRP proponents and Flare’s close relationship with XRP, the relisting of XRP on Coinbase may become more likely in the future.

While the exchange has yet to make any firm commitments regarding XRP, the question remains: should Coinbase relist XRP, and what implications could this have for the cryptocurrency market?