Coinbase announced on Saturday that it plans to support an upcoming airdrop, which has been seen as a factor in the increase in the XRP price in recent weeks.
The San Francisco-based exchange announced in a blog post that Coinbase customers with XRP credit will receive Spark tokens from Coinbase at a later date from midnight UTC on December 12, 2020.
"The amount of Spark you receive depends on how much XRP you had in your account at the time of the snapshot," Coinbase wrote. Details about the Airdrop will be released this week, a company spokesperson told CoinDesk.
Spark is the native token of the Flare Network, a system that aims to integrate Ethereum-like functions into the XRP ledger.
"Flare's token, Spark, will be created by what may be the first utility fork where the source network, in this case the XRP ledger, benefits from increased utility," wrote the team behind the smart contract project in August .
According to CoinDesk data, XRP has increased nearly 10% in the past 24 hours.
"Supporting new networks and their projects is not only important to meet customer interests, but also to further expand the crypto ecosystem," said Coinbase spokesman Crystal Yang.