eToro to start distribution of FLARE tokens soon
Online broker eToro confirms that it will be starting to distribute FLARE tokens ($FLR) to eligible eToro users soon.
This distribution represents approximately 15% of the full amount of FLARE tokens. The process of receiving any further tokens will be dependent on a procedure known as “wrapping,” according to the process defined by Flare and the Flare community.
Users who wish to opt out of having their FLARE tokens wrapped, and therefore not receive any further FLARE tokens, can do so before 23:59 GMT on January 31, 2023, using this form.
Flare Network plans to distribute the tokens on a periodic basis, over 36 months (as stated in their plan). Please note that there is no certainty that the tokens will be distributed by Flare Network in a timely manner, or that no further changes will be made regarding the way in which the distribution is executed. eToro says it will endeavour to support the future distribution of the remaining Flare tokens, although is unable to commit at this time. Any future supported token distribution will be subject to a service fee, to be updated on eToro’s Fees Page.
Initially, the FLARE tokens will not be tradeable on eToro. Once market conditions permit, the tokens will be available as CLOSE only positions.
It is important to note that if you close your FLARE token position, you will not be eligible to receive any further tokens, according to the policies of the Flare Network. Please note that FLARE is an airdropped token that may pose a higher than normal risk, and as such may be subject to high price volatility.
A global “snapshot” of XRP holders was taken by Flare in December 2020.
Users in Germany and the US: The above information regarding the distribution of FLARE tokens does not apply to users in the US and Germany. eToro will publish details for these users in the near future.
Users who are no longer eligible: Due to regulatory frameworks in different regions, eToro is unable to provide FLARE tokens to certain users. For these users, as soon as market conditions permit, eToro will distribute the USD equivalent of the initial distribution directly into their eToro investment balance. In line with Flare Network’s policy, this means that these users are not eligible to receive the remaining FLARE tokens.
Eligibility requirements (eToro):
Users must have held the XRP tokens when the snapshot of XRP balances took place, on December 12, 2020 at approximately 12 am UTC. XRP tokens that were pending deposit or withdrawal at the time of the snapshot were not counted towards a user’s XRP balance. The eToro records at the moment of the snapshot are regarded as conclusive evidence.
The snapshot did NOT include leveraged positions, CFD positions, short positions, CopyTrade positions or Smart Portfolio positions in XRP, or any cross transactions of XRP with other cryptoassets and/or with currencies or such transactions otherwise classified as CFD on the eToro platform.
Holders of XRP in the eToro Money crypto wallet (formerly “eToro Wallet”) were not included in the snapshot and therefore are NOT eligible for the Flare $FLR distribution.
Users must have been fully verified at the time that the snapshot was taken, and must still be fully verified at the time of each Flare $FLR or USD distribution.
The Flare $FLR token distribution program supported by eToro is subject to various regulatory and other requirements, is not guaranteed to happen, and could be accompanied by further terms, as applicable to eligible users and the mechanics of the distribution. The eligibility criteria, and the manner and timing of such distributions are therefore subject to change.