Songbird

<p>GMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has<a href="https://coin.z.com/jp/news/2023/09/11658/" rel="noopener noreferrer nofollow"> unveiled</a> a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.</p><h2 id="header-0"><strong>SGB token distribution</strong></h2><p>The distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have maintained XRP balances in their GMO Coin accounts after December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.</p><p>To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0047, according to Malaysian cryptocurrency data aggregator CoinGecko.</p><p>GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.</p><h2 id="header-1"><strong>Ripple’s mixed fortunes</strong></h2><p>This development comes in the wake of a roller-coaster year for XRP holders. Ripple&#39;s native token experienced substantial<a href="https://medium.com/&#64;coinness.gl/asian-market-surge-for-xrp-amid-broader-market-implications-cf511e7cbfd2" rel="noopener noreferrer nofollow"> price fluctuations</a> in response to various developments and events.</p><p>One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).</p><p>While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm<a href="https://medium.com/&#64;coinness.gl/ripple-receives-in-principle-approval-from-singaporean-regulator-25a3659fb5a0" rel="noopener noreferrer nofollow"> obtained</a> in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.</p><p>Earlier this month, Ripple struck a<a href="https://medium.com/&#64;coinness.gl/japanese-financial-giant-sbi-extends-use-of-ripples-remittance-tech-b39039067f4b" rel="noopener noreferrer nofollow"> deal</a> with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam and Indonesia.</p><h2 id="header-2"><strong>Songbird network</strong></h2><p>The Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems and StateConnector.</p><p>GMO Financial Holdings, the parent company behind GMO Coin,<a href="https://www.coindesk.com/business/2023/04/03/crypto-hedge-fund-awr-sells-10-stake-to-gmo-financial-holdings/" rel="noopener noreferrer nofollow"> bought</a> a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.</p><p>As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform&#39;s willingness to reward its customers and foster engagement within the crypto community.</p>

Japan’s GMO Coin Announces Special SGB Airdrop for XRP Holders

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