In our previous communication regarding the Spark token airdrop, we mentioned that we would keep an open mind pertaining to related tokens. With that said, we want to provide an update on Songbird (SGB). We are happy to announce that we have received the SongBird tokens, and our team is working on building the integration onto our platform so that clients can view their balances on their dashboards and take distributions.   

At this time, SGB will not be eligible for trading in your iTrustCapital IRA. 

 

Songbird FAQ: 

Q: Will the Songbird token appear on my dashboard the same way the Spark token is displayed?

A: Yes, we will be making this update to eligible dashboards soon!

 

Q: Will I be able to delegate my Songbird from within my iTrustCapital IRA? 

A: Clients will not be able to delegate their SGB. Clients wishing to do so will need to take a distribution or an in-kind transfer out to another eligible IRA provider.

 

Q: Does the Songbird token have a similar distribution schedule as Spark token? 

A: SGB has a different distribution schedule. 100% of SGB tokens were airdropped, whereas the Spark token airdrop has a schedule of 15% initially, followed by 3% every month for the proceeding 25-34 months.  

 

Q: Are we able to transfer over our SGB tokens that we have received on exchanges into iTrust?  

A: No, the IRS only allows a new contribution to an IRA to be in USD. However, iTrustCapital may be able to support in-kind transfers of SGB in the future. If and when that happens, we’ll let you know. 

 

Q: When will we be able to take Distribution of our SGB tokens? 

A: We are actively working on implementing this function and will alert everyone once it is ready. 

 

Q: Can I trade Songbird tokens using the iTrust platform? 

A: Not right now. This depends on whether the third party liquidity providers and custodians iTrust works with are able to support it, among other factors. 

 

Please check out our Spark Token FAQ for answers to even more key questions on this topic.