- GMO Coin to distribute Songbird (SGB) tokens to eligible XRP holders in Japanese yen.
- The distribution ratio is set at 0.1511 SGB for every XRP, scheduled for completion by September 29, 2023.
In a pioneering move, GMO Coin, the cryptocurrency exchange entity of the well-established Japanese IT behemoth, GMO Internet, has revealed its intent to disburse the Songbird airdrop to qualifying XRP holders in Japanese yen. This unique approach accentuates the cross-functional synergy between cryptocurrencies and traditional fiat currencies, hinting at a more integrated financial ecosystem.
Envisioning a Seamless Distribution
GMO Coin elucidated on the procedural layout, whereby the amount each user will receive is directly proportioned to their XRP holdings as recorded on December 12, 2020 – the snapshot’s timestamp. The distribution ratio has been predefined at 0.1511 SGB for every XRP. However, diverging from conventional cryptocurrency airdrops, GMO Coin has chosen to conduct this airdrop in Japanese yen, thus aligning with traditional financial norms while fostering a bridge to the cryptocurrency realm.
The funds are slated for distribution to the rightful recipients by September 29, 2023. Intriguingly, not only the XRP holders but also the customers availing GMO Coin’s lending products during the snapshot period are eligible for this airdrop. Furthermore, those who parted with their XRP holdings post-snapshot are still on the roster for receiving the airdrop, marking an inclusive approach by the exchange.
Expanding Airdrop Allies
This initiative has propelled GMO Coin onto the roster of exchanges endorsing the SGB airdrop, a list curated by Flare Network. The aforementioned network, after some postponements, eventually dispensed the SGB tokens to the enlisted exchanges on January 10, 2023, thereby delegating the distribution responsibility to these platforms.
At the time of reporting, the trading value of a single SGB token hovered around $0.0046, experiencing a slight decrement of 1% over the last 24 hours.
The integration of traditional financial mechanisms in cryptocurrency distributions, as illustrated by GMO Coin’s yen-based Songbird airdrop, augments the dialogue surrounding the interoperability and collaborative potential between the conventional financial sphere and the burgeoning realm of digital assets. This innovative strategy by GMO Coin might serve as an exemplar for other exchanges to encompass a wider user base, by catering not only to the crypto-savvy but also to traditional investors, hence nudging closer to a unified financial domain.