BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Japanese Exchange GMO to Offer XRP Users Yen for Delayed Songbird Airdrop

by BlockNews Team
September 25, 2023
in BUSINESS, CRYPTO, MEDIA
Reading Time: 3 mins read
A A
1
SHARES
16
VIEWS
Share on XShare in TelegramShare on Reddit
  • Japanese exchange GMO will issue Songbird tokens in Yen to Japan holders as compensation for the delayed airdrop.
  • The FLR and SBG airdrops were delayed due to the SEC’s case against Ripple for breaching security laws.

Japan-based crypto exchange GMO has announced that it will compensate users who held XRP in 2020 with the Japanese Yen for the delayed Songbird token airdrop.

Songbird Network

Songbird is a “canary” experimental blockchain used for testing network architecture on the Flare Network. It was initially developed as a DeFi application using XRP tokens before transitioning into a Layer-1 blockchain.

In April, GMO Financial Holdings, the parent company of GMO Coin, acquired a 10% stake in the multi-strategy crypto hedge fund AWR Capital. The Japan-based exchange is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.

The Songbird airdrop, which was supposed to happen two years ago, as snapshots of XRP on blockchains and exchanges were taken on the 11th of December 2020, was delayed by Ripple’s court case with the SEC. XRP holders were supposed to receive both Flare’s FLR and SBG airdrops.

On the 10th of January 2023, the long-awaited Flare FLR airdrops were distributed to XRP holders but was poorly received as it was immediately dumped by recipients, resulting in a massive price drop.

However, due to local regulations, some exchanges in the country excluded holders residing in Japan from the airdrop. To placate XRP holders, GMO will issue Songbird airdrops in the equivalent of the Japanese Yen.

The announcement has been met with support from non-Japanese and Japanese users. At the same time, other crypto exchanges, including Binance and MEXC, have continued to show their support for the Songbird ecosystem.

Eligibility Criteria for Songbird Airdrop

According to the website, the eligibility criteria are customers who held physical Ripple (XRP) in their GMO accounts as of December 12, 2020.

Users will receive the yen equivalent of 0.1511 SGB for every 1 XRP held at that time. “Customers using crypto assets lending services are also eligible,” the exchange clarified.

The delivery amount will be based on the snapshot of Ripple XRP converted into Japanese Yen using GMO’s arbitrary method and time. GMO added that the funds will be distributed to the accounts of eligible customers by the 29th of September.

Ripple’s Long-Standing Feud With the SEC

In 2020, the Securities Exchange Commission (SEC) accused the crypto exchange and its co-founders of breaching security regulations over the sales of its native crypto without proper registration. However, the exchange received partial victory in July after a New York Judge issued a favorable ruling, causing the price to surge by more than 70%.

Despite regulatory hurdles in the United States, Ripple has moved to expand its business in Asia as part of a global expansion strategy. The blockchain-based payments company received preliminary approval from the Monetary Authority of Singapore (MAS) to offer its services in Singapore in June.

It also sealed a deal with SBI Remit Co last month to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency across several Asian countries.

Tags: Crypto ExchangeGMOJapanSongbird Networkxrp
TweetShareShare
Previous Post

Financial Stability Board Identifies Blockchain as a Solution to Data Localization

Next Post

Huobi Global Hot Wallet Compromised, $7.9 Million Stolen

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.