After having spent the last few months in direct communication with the Flare team and our institutional wallet provider Curv, we are proud to announce our support for the Spark tokens.
We sincerely apologize to our clients for our delayed response and at times uncertainty in declaring if we would be supporting the airdrop. We always place security first and luckily have found a secure way to claim the Flare tokens for all of our XRP holders.
In order to claim your Flare tokens, you do not need to perform any actions. You simply need to hold XRP on your iTrustCapital account at all times between Snapshot #1 and Snapshot #2.
iTrustCapital Snapshot Date: December 9th 4:00 Pacific Standard Time
Flare Network Snapshot Date: December 11th 4:00 Pacific Standard Time, (December 12th 0:00 UTC)
Please note, this means that you must maintain the full balance of your XRP from the time of Snapshot #1 all the way until Snapshot #2. If you sell your position in the meantime, you will lose your claim on the Flare token distribution event.
Please note, there are two major things to consider in association with this token distribution event.
Vesting: The token release scheme of Spark releases the tokens over the course of a 3 year period, which can be considered a vesting schedule. This means that users do not immediately receive 100% of their tokens, but instead receive a slow drip over multiple years. This system is designed and implemented from the Flare team themselves, we do not control the vesting release schedule.
Lock Up: In addition to the built-in Vesting system, iTrustCapital is introducing a formal lock up on all Spark held on our platform. This means that while you will own and have full claim on your Spark it will not initially be viewable or tradeable on our platform. While we hope to support trading as soon as possible, but it will likely not be until sometime in 2021. Again, please note, your Spark holdings will not initially be viewable or tradeable.
As mentioned above, you will not initially see your Spark balance on your iTrustCapital account or be contacted directly. As long as you followed the instructions above for Snapshot #1 and #2, you will receive your tokens. We are expected to have the Customer Spark Balances added to the dashboard in 2021, with trading ability to follow.
Please Note: Spark (FLR) distribution to US investors may be dependent upon legal council approval, given facts and circumstances surrounding the SEC v Ripple case.
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