A report on the exchange reveals that the Japanese cryptocurrency exchange GMO will give select traders who had XRP in 2020 the songbird (SGB) tokens worth in Yen.
As of December 12, 2020, users will receive the yen equivalent of 0.1511 SGB for each XRP stored. Songbird is a test blockchain for the Flare Network. Flare previously sought to become a decentralized-finance (DeFi) service that utilised XRP currencies, but gradually switched to a layer 1 blockchain.
On December 12, 2020, snapshots of XRP on blockchains and exchanges were taken, and holders were expected to receive both Flare’s FLR and SGB airdrops.
However, Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC) caused airdrop plans to be postponed: FLR token distribution to XRP holders took nearly two years, while SGB distribution was postponed even longer.
Some exchanges, however, determined that holders who resided in Japan were “not eligible for this airdrop” due to regional rules. One of the few legal exchanges in the nation, GMO, “decided to issue Songbird airdrops to Ripple holders in Japanese yen” in an apparent effort to appease users.
Customers who owned actual Ripple (XRP) in our corporate account as of 9:00 on Saturday, December 12, 2020, are eligible, according to a message. Quantity based on a conversion of Ripple (XRP) into Japanese yen using our arbitrary method and timing. GMO announced that by September 29, 2023, Yen would be distributed to accounts.