Analysis

Kraken Supports Songbird (SGB) Airdrop to Ripple XRP Holders

Ripple XRP Holders are set to receive Songbird(SGB) tokens. This was confirmed by the Digital asset firm Kraken. 

The airdrop’s snapshot of XRP holders and their balances was reportedly taken on December 12, 2020, at 00:00 (UTC). Kraken will send the customer accounts holding the token 0.1511 SGB for each XRP they held on the platform. However, Kraken pointed out that Japan-based customers are not eligible for this promotion.

As for leveraged positions, customers who held a leveraged long spot position as seen on the snapshot will be credited the corresponding SGB based on their position. On the other hand, customers holding a short spot position will have their SGB balances waived.

Kraken Supports Songbird (SGB) Airdrop to Ripple XRP Holders
Kraken offers Songbird (SGB) to the platform’s Ripple XRP holders.

Kraken further notes that, once funding is enabled, customers may add SGB to their Kraken accounts. The digital asset firm is set to provide more updates after funding and trading of the token commences. 

Kraken is notable among the few cryptocurrency exchange platforms that currently host XRP. The firm kept XRP despite the issues that surrounded it. And it has continuously collaborated with the company to promote the token and reward its holders. 

Several crypto exchange platforms dropped Ripple XRP from their platforms in the wake of the SEC’s lawsuit announcement. Since the lawsuit started, Ripple XRP price has seen massive volatility. And most recently, the developments reignited a bullish movement for the token.

Kraken Supports Songbird (SGB) Airdrop to Ripple XRP Holders
Kraken offers Songbird (SGB) to the platform’s Ripple XRP holders.

The newly unsealed memos from 2012 regarding XRP’s classification will likely help the company battle with the commission. On the other hand, the SEC alleges that these memos will guarantee its win in the litigation. For now, the final word rest with the judge presiding over the case.

The crypto community is closely waiting for developments in this case. The strengthening defense from Ripple’s legal counsel and the recent positive outlook and support from the community may make the SEC’s victory a bigger uncertainty. 

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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